Nigerian Senate Passes Country’s Budget For 2022 Financial Year

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Nigerian Senate has passed Nigeria’s budget for the 2022 financial year.

Yesterday, the Senate passed the budget after they added 800 billion naira to increase the first estimated budget of N16.4 trillion, which President Buhari presented, to N17.126 trillion.

Nigerian Senate

This latest development happened a day after the House of Representatives had already passed the budget

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The Senate also increased the oil benchmark price from $57, which the executive arm of government had proposed, to 62 dollars to reflect the current international market condition.

But they left the exchange rate as it was at N410.15.

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They passed the budget after they considered the recommendations from the report, which was presented by the chairman of the Nigerian Senate Committee on Appropriation, Barau Jibrin.

According to Chiarman’s presentation, 869.6 billion naira is for statutory transfers, 3.8 trillion naira is for debt service, 6.9 trillion naira is for recurrent expenditure, and 5.4 trillion naira is for capital expenditure.

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