By Abimbola Abatta
The House of Representatives has passed the 2022 budget presented by President Muhammadu Buhari, raising it to N17.126 trillion as opposed to the initial N16.391 trillion.
The budget was passed on Tuesday in Abuja after a unanimous adoption of a report by the Chairman, Appropriation Committee, Rep Murktar Betera.
The oil benchmark was also increased to 62 dollars as against the 52 dollars that was proposed by the executive, while the exchange rate was retained at N410.15.
The House said the increase in oil price was to reflect the current market values of the oil barrel in the international market.
The House stated that provision was made for more funds to critical sectors to execute their core mandate, adding that the additional revenue increase would be allocated to the agencies that came forward with additional financial report which was not provided for in the budget.
According to the House, the agencies include: Ministry of Works and Housing, Independent National Electoral Commission (INEC) for the 2023 general elections, Defence, National Population Commsion for the 2022 Population Census, Agriculture and Rural Development, National Security Adviser, and National Assembly, among others.
The Gross Domestic Product (GDP) growth rate was put at 4.2 per cent, while inflation was left at 13 per cent.
Meanwhile, President Buhari has written to the House of Representatives, requesting N277 for virement to fund critical expenditures.
Noting that this became necessary because the 2021 budget implementation was faced with challenges, the president said the chllenges would require additional funding for some critical and urgent items in the budget.
He said the purpose of the letter is to forward the comprehensive virement proposal for the consideration and approval of the national assembly.
Buhari urged the House to urgently consider the virement proposal to support the government’s effort at improving the well being of the citizenry.
According to him, the agency to benefit include Nigeria Airforce, Nigeria Correctional Service, Federal Road Safety Commission, Federal Road Maintenance Agency, National Assembly among others.
On his part, the Speaker of the House of Representatives, Femi Gbajabiamila said the passage of the 2022 budget was in keeping with the new tradition of operating an annual national budget from January to December.
Gbajabiamila lauded the Chairmen of Committees of the House and all the members who worked hard to ensure that the budget was passed in time to maintain the record it had set.
He said, “In the 9th National Assembly, we have, with each budget cycle, sought to improve the appropriations process to ensure more effective and efficient allocation and use of our national resources.
“A recurring challenge is how best to ensure that the ministries, departments and agencies of the Federal Government adher strictly to the letter of the appropriation law.”