President Buhari will present the 2022 Appropriation Bill to a joint session of the National Assembly on Thursday, October 7, 2021.
The President’s early submission of the budget is consistent with the Federal Government’s effort to have the appropriation bill out on time and adhere to the January to December budget cycle.
This disclosure was made by the Deputy Senate President, Ovie Omo-Agege, while presiding over the plenary session in the absence of the Senate President, Ahmad Lawan, at the Senate Chamber of the National Assembly in Abuja.
Senator Omo-Agege had informed lawmakers prior to the announcement that President Buhari had submitted the revised 2022-2024 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper (FSP), urging them to approve the planning documents, which he said would form the basis and assumptions in the 2022 budget.
According to the President, the revision of the MTEF and FSP reflected the new fiscal terms in the recently enacted Petroleum Industry Act and the 2022 Appropriation Bill, which includes funds for the Independent National Electoral Commission (INEC) to prepare for the 2023 general elections, provisions for hazard allowance for health workers, and wage adjustment for workers, and funds for the population and housing census in 2022.
What You Should Know About President Buhari’s Appropriation Bill
- The budget presentation was made early enough due to the 9th National Assembly’s fiscal budgetary policy of January to December.
- Remember that President Buhari presented a proposed N13.08 trillion 2021 Budget to the National Assembly on October 8, 2021, allowing the legislature to pass the document into law for implementation in January 2020.
- The bill dubbed the Budget for Economic Recovery and Resilience, included a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (including condensates of 300,000 to 400,000 barrels per day).