National Assembly Transmits ₦13.5 trillion Appropriation Bill To Executive

N’Assembly To Hold Joint Session As Buhari Presents 2022 Budget On Thursday

Having passed the 2021 appropriation bill, the National Assembly has transmitted it to President Muhammadu Buhari for assent.

According to PUNCH Newspaper, the senior special assistant to the president on national assembly matters (senate), Babajide Omoworare, made the disclosure in a text message Monday.

Buhari had on October 8, presented a budget of 13.08 trillion to a joint session of the National Assembly. The lawmakers raised the budget by N508 billion before pa1ssig the bill.

READ ALSO: Third Mainland Bridge Reopens Ahead of Schedule

The budget is hinged on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.

The presidential aide said Buhari is examining the document and action would be taken “in due course.”

“The appropriation bill has been transmitted by the national assembly to Mr. President in conformity with the provision of section 59 of the constitution,” Omoworare said.

“The bill is presently being looked at by Mr. President and consequent action will be taken in due course.”

With the increase of the total budget size, the capital expenditure is now N4.125 trillion.

The sum of N3.324 trillion was earmarked for debt service and the sum of N5.641 trillion was voted for recurrent (non-debt expenditure).

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.