Highlights of amended N17.3 trillion 2022 budget passed by National Assembly

The National Assembly passes amendments to the 2022 Appropriation Act (Federal Budget).

The Senate and the House of Representatives, respectively, considered and adopted reports on the amendment bills at the plenary today based on the request by President Muhammadu Buhari

It would be recalled that the President had written to the National Assembly to call for amendments to the budget and the fiscal framework for 2022, citing the impacts of the Russia-Ukraine war on the country’s economy.

What you should know

• The revised figure represents an increase of N193 billion from N17.12 trillion in the earlier signed 2022 budget.
• The federal parliament approved a new oil price benchmark of $73 per barrel, a reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day;
• It also approved an increase in the estimated provision for Premium Motor Spirit (PMS) subsidy for 2022 by N442.72billion, from N3.557trillion to N4trillion.
• The President said the total budget deficit is projected to increase by an additional N965.42 billion, taking the budget deficit to N7.35 trillion, representing 3.99% of GDP.
• The incremental deficit will be financed by new borrowings from the domestic market’
• The revised appropriation act includes a provision of N182.45 billion to cater to the needs of the Nigeria Police Force.
• It also includes the provision of N76.13bn for domestic debt service, with net reductions in statutory transfers by N66.07 billion.
• The domestic debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion, are as follows:a. NDDC, by N13.46 billion from N102.78 billion to N89.32 billion;

  b. NEDC, by N6.30 billion from N48.08 billion to N41.78 billion;

  c. UBEC, by N23.16 billion from N112.29 billion to N89.13 billion;
  d. Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and

  e. NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.

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