Nigeria Reviews 2022 Budget to N17.3trn
The Senate has passed the revised budget for the fiscal year 2022 to N17.3 trillion. This followed the adoption of the report of the Senate Committee on Appropriation on Thursday’s plenary.
Unavoidably, the budget was reviewed upward, thus widening gaps between government fiscal revenue expectations and the spending plan to N7.35 trillion. About N4 trillion will be used for subsidies payments while weak local currency raised debt service costs upward.
Presenting the report, Sen. Barau Jibrin, the Chairman of the committee said that the budget was made up of N7 trillion recurrent expenditure and N5 trillion capital expenditure, while N817 billion was for statutory transfers. Jibrin said that N3 trillion of the budget was for debt service.
“Also, the Senate approved the total sum of N3.55 trillion for petrol motor spirit (PMS) subsidy in 2022, forwarded in two separate requests by the President to the National Assembly for approval,” he said. Nigeria Reviews 2022 Budget to N17.3trn