The Senate on Wednesday approved a budget expenditure of N16.39 trillion from the previous N13.98 trillion for 2022.
This is coming after the lawmakers approved President Muhammadu Buhari’s revised submission of the 2022-2024 Medium Term Expenditure Framework.
The revised submission was received and referred to the Committee on Finance on Tuesday for expeditious consideration ahead of Thursday’s budget presentation to the National Assembly by Buhari.
It also gave its nod to the retained revenue of N10.3 trillion; and N635.4 billion fiscal deficit.
Chairman of the committee, Senator Olamilekan Adeola, in his presentation, said that Gross Revenue Projection decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion.
He said deductions for federally-funded upstream projects costs and 13 percent derivation was slashed by N335.3 billion and N810.25 million, respectively.
He said while Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion, Non-oil taxes remain unchanged.
He explained that the government’s retained revenue is projected to increase by N1.773 trillion, from N8.36 trillion to N10.13 trillion.
Adeola disclosed further that the new increase to the FGN Expenditure is N5.241 trillion.
Buhari, in a letter to the upper chamber dated October 4, 2021, explained that the revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act, 2021, as well as other critical expenditures in the 2022 budget.
