Senate Passes 2022 appropriations Bill

Senate has passed the 2022 budget of 17.1 Trillion Naira, an increament  from the  16.3 Presented by the Executive.

 


This followed consideration of the report of the Senate Committee on Appropriations which explained that the National Assembly increased the oil price Benchmark from 57 United states dollars to 62 Dollars to reflect the current market value in the international market, the budged is also based on oil production of I.88 million barrels per day, exchange rate of 410 Naira 15 Kobo to a Dollar,  Gross domestic product of 4.2 percent and inflation rate of 13 percent.
It also approved  President Muhammadu Buhari’s  request for virement of N276.7 Billion Naira for the funding of critical infrastructure in the 2021 budget.
Meanwhile, Senate resolved  to address the issues raised by the President on the electoral Act amendment Bill by January after consultations with the House of Representatives and constituents

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