The Nigerian House of Representatives has amended the 2022 Appropriation Act raising the total budget figure to N17.319,704,091.19.
This followed the adoption of the report of the Appropriation and Finance Committees on the President’s request to amend the finance act.
The House also approved a cut in the provision for Federally Funded upstream projects being implemented and additional provision of N182.45 billion for the implementation of 20% salary increase of the Nigeria Police Force.
The seven-point recommendation report also said “That the House do consider the Report of the Committee on Finance on the Request by the President for Revision of the 2022 Fiscal Framework and approve the recommendations therein.
That the Oil price benchmark of US$73 per barrel be approved.
That Oil production volume of 1.600 million per day be approved.
That Petroleum Motor Spirit (PMS) subsidy of N4.00 trillion be approved.
That a cut in the provision for Federally Funded upstream projects being implemented by N200 billion from N352.80 billion be approved.
That an increase in the projection for Federal Government Independent Revenue by N400 billion be approved.
That an additional provision of N182.45 billion to cater for the needs of the Nigeria Police Force be approved
That domestic debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion, as follows,” the report recommended.
Briefing Journalists on the amendment, the House Appropriation Committee Chairman, Muktar Aliyu Betara said the new request sought by the President has now increased the budget figure, introduced subsidy figures and increased the deficit.
According to him, “it’s incumbent on the House to consider the reasons adduced by the president and approve the same in the interest of the country based on current global realities.”
Betera however advised that efforts must be made to reduce the amount spent on subsidy as such could have been used to improve the welfare of civil servants by way of salary increase.
Recall that President Muhammadu Buhari, last week submitted the request for a revision of the 2022 appropriation following emerging global realities arising from ongoing armed conflict between Russia and Ukraine, aside the previous amendment he requested with respect to insertions and removal of some items to make room for more critical areas of national concerns.
Confidence Okwuchi
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