From Juliana Taiwo-Obalonye, Abuja

 

President Muhammadu Buhari at exactly 10:11 am signed the 2022 Appropriation Bill at the Council Chambers of the State House, Abuja. 

The President was surrounded by President of the Senate, Dr Ahmad Lawan; Speaker of the House of Representatives, Hon Femi Gbajabiamila, Secretary to the Government of the Federation, Boss Mustapha and Minister of Finance, Budget and  National Planning at the signing after budget was presented by Senator Babajide Omoworare, Senior Special Assistant to the President on National Assembly Matters (Senate).

This comes barely a week after lawmakers in the House of Representatives and Senate chambers of the National Assembly passed a budget of N17.126 trillion, increasing the benchmark price of crude from $57 to $62 per barrel.

The President expressed unhappiness with the National Assembly for increasing the initial estimates of the budget by over N700 billion, noting that some of the projects were responsibilities of the states.

The Minister of Finance, Budget and National Planning, had in October layed out the projected funding process for the Budget, saying revenues of N6.54 trillion and N2.62 trillion are projected to accrue to the Federation Account and the Value Added Tax (VAT) respectively.

She also added the the deficit of Would be funded through borrowings.

 

Details later…

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Source: news