The 2022 Appropriation Bill will be presented to the National Assembly in a joint session on Thursday, October 7, 2021, by President Muhammadu Buhari.
With the President’s early budget submission, the Federal Government will be able to pass the appropriations bill on time and complete the January to December budget cycle on schedule.
The Deputy Senate President, Ovie Omo-Agege, made the revelation while presiding over the plenary session in the Senate Chamber of the National Assembly in Abuja without the Senate President, Ahmad Lawan.
President Buhari had submitted the revised 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) before the announcement, and Senator Omo-Agege had informed lawmakers about this before the announcement. He urged them to approve the planning documents, which he said would serve as the foundation and assumptions for the 2022 budget.
MTEF and FSP have been revised to reflect the new fiscal terms in the recently enacted Petroleum Industry Act and the 2022 Appropriation Bill, which includes funds for the Independent National Electoral Commission (INEC) to prepare for the 2023 general elections, provisions for hazard allowance for health workers, wage adjustments and funds for the population and housing census in 2022. According to the President. these new fiscal terms have been reflected.
Due to the 9th National Assembly’s January-to-December fiscal budgetary policy, the budget presentation came early enough.
Remember that on October 8, 2021, President Buhari presented to the National Assembly a proposed 2021 budget of N13.08 trillion, enabling the parliament to put the legislation into law for its implementation in January of 2020.
The bill which was tagged Budget of Economic Recovery and Resilience, contained a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).