The Senate has approved ₦17.126 trillion as the budget for the 2022 fiscal year, increasing the appropriation bill by ₦735.8 billion.
The upper legislative chamber passed the bill for the third reading after Barau Jibrin, chairman of the appropriation committee, presented a report for the consideration of his colleagues.
Jubrin said the committee raised the oil price benchmark to $62 per barrel from the $57 proposed by the executive to reflect the current “economic realities.”
After presenting his report, the Senate dissolved into the “committee of supply” to consider clauses of the 2022 appropriation bill.
Senate President Ahmad Lawan while speaking after the passage of the budget on Wednesday commended the national assembly for restoring the budget cycle back to January to December.
“We thank Almighty God for helping us achieve that,” Lawan said.
“Let me commend this senate for standing tall. We are rounding the year on a very high note, we passed the PIB and it is not an act, something that was not passed for over 20 years.
“We passed the electoral bill but we know there are some reservations, so we will look at it with the house of representatives. I am sure that this senate and the national assembly has done a lot in legislative intervention.
“I want to commend Nigerians, we take your advice. This national assembly is for all Nigerians.”
