Reps raise 2022 Budget by N735bn, pass N17.126trn

The House of Representatives on Tuesday passed the 2022 budget of N17.126 trillion against the N16.391 trillion presented by President Muhammadu Buhari.

The lawmakers raised the budget by N735 billion.

This followed a unanimous adoption of a report laid on the floor of the House during plenary in Abuja by the Chairman, Appropriation Committee, Rep Murktar Betera

The N17.1 trillion was against the N16.39 trillion that was proposed by the executive.

The House also increased the oil benchmark to $62 as against the $52 that was proposed by the executive, while the exchange rate was retained at N410.15

The House added that the increase in oil price was to reflect the current market values of the oil barrel in the international market.

The House stated that provision was made for more funds to critical sectors for purpose of execution of their core mandate

The House also said that the additional revenue increase would be allocated to the agencies that came forward with additional financial report which was not provided for in the budget.

This according to the House include: Ministry of Works and Housing, Independent National Electoral Commission (INEC) for the 2023 general election.

Others are Defence, National Population Commission for the 2022 Population Census, Agriculture and Rural Development, National Security Adviser, National Assembly among others.

The Gross Domestic Product (GDP) growth rate was put at 4.2 per cent, while inflation was left at 13 per cent.

Speaker of the House of Representatives, Rep Femi Gbajabiamila said the passage of the 2022 budget was in keeping with the new tradition of operating an annual national budget from January to December.