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JUST IN: Senate Passes N17.126 Trn For 2022 Budget
The Senate also raised 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 Senate, on Wednesday, passed a N17.126 trillion budget for the 2022 fiscal year, raising the figure by N800 billion.
The passage of the budget followed the consideration of a report by the Committee on Appropriations on the 2022 Appropriations bill.
President Muhammadu Buhari had submitted a budget of N16.391 trillion to the National Assembly.
The Senate also raised the oil benchmark to $62 as against the $52 that was proposed by the executive, while the exchange rate was retained at N410.15.
It said the increase in oil price was to reflect the current market values of the oil barrel in the international market.
In his presentation, Chairman of the Committee, Jibrin Barau (APC – Kano North), while giving highlights of the bill, said out of the total sum of N17.126 trillion for the fiscal year 2022, N869.6 billion is for Statutory transfers; N3.8 trillion is for Debt Service; N6.9 trillion is for Recurrent Expenditure; and N5.4 trillion for Capital Expenditure.