The House of Representatives, yesterday, passed the 2022 budget of N17.126trillion against the N16.391trillion presented by President Muhammadu Buhari.
\nThis is as President Muhammadu Buhari, yesterday, wrote the Senate seeking approval for the virement of N276,757,232,395 to fund expenditures in the 2021 budget.
\nThis followed a unanimous adoption of a report laid on the floor of the House during plenary in Abuja by the Chairman, Appropriation Committee, Rep. Murktar Betera.
\nThe N17.1trillion was against the N16.39trillion that was proposed by the Executive.
\nThe House also increased the oil benchmark to $62 as against the $52 that was proposed by the Executive, while the exchange rate was retained at N410.15
\nThe House added that the increase in oil price was to reflect the current market values of the oil barrel in the international market.
\nThe House stated that provision was made for more funds to critical sectors for purpose of execution of their core mandate.
\nThe House also said 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.
\nThis, according to the House, include: Ministry of Works and Housing, Independent National Electoral Commission (INEC) for the 2023 general election.
\nOthers are Defence, National Population Commission for the 2022 Population Census, Agriculture and Rural Development, National Security Adviser, National Assembly, among others.
\nThe Gross Domestic Product (GDP) growth rate was put at 4.2per cent, while inflation was left at 13per cent.
\nAlso, the Speaker of the House of Representatives, Rep 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.
\nHe 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.
\n\u201cIn 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.
\n\u201cA recurring challenge is how best to ensure that the ministries, departments and agencies of the Federal Government adhere strictly to the letter of the appropriation law,\u201d he said.
\nGbajabiamila added that this had always been a subject of grave concern, especially when it must contend with the reality of limited resources amid significant developmental challenges.
\nMeanwhile, President Muhammadu Buhari, yesterday, wrote the Senate seeking approval for the virement of N276,757,232,395 to fund expenditures in the 2021 budget.
\nThe request was conveyed in a letter dated December 16 and read at plenary by the Senate President, Dr. Ahmad Lawan.
\nIt comes on the day the Senate passed a bill to amend the 2021 Appropriations Act.
\nThe bill sponsored by the Senate Leader, Yahaya Abdullahi, scaled through second and third reading after it was considered.
\nThe 2021 Appropriations Act (Amendment) bill seeks to extend the implementation of the Capital aspect of the Appropriation Act 2021 from December 31, 2021 to March 31, 2022.
\nAccording to Buhari, the N276billion being requested will be sourced from the N365billion Service Wide Vote for Upscaling of National Social Investment Programme (NSIP).
\nThe letter titled, \u201c2021 Appropriation Act: Request for Virement to Fund Critical Expenditure\u201d reads: \u201cThe Senate may wish to recall that I signed the 2021 Appropriation on December 31, 2020, for a total expenditure of N13.588trillion and a Supplementary Appropriation to cater for critical needs for the Security and Health Sector in the sum of N983billion on July 26.
\n\u201cYou may also recall that during the signing of the 2021 Appropriation Act, I mentioned that, where necessary, I will revert to the National Assembly with a request for amendment, virement or other appropriate adjustments to ensure that the core objectives of the budget are accomplished.
\n\u201cAccordingly, the 2021 Budget implementation is faced with challenges that will require additional funding for some critical and urgent line items in the budget.
\n\u201cThe purpose of this letter, therefore, is to forward the comprehensive Virement Proposal for the consideration and approval of the National Assembly.
\n\u201cThe details of the expenditures proposed for the virement are attached herewith as Schedule 1 while Schedule 2 shows the sources of the funds to be vired for the items in Schedule 1.
\n\u201cIn the light of the above, I implore the Senate to urgently consider the virement proposals to support our efforts to improve the well-being of our citizens.\u201d
\nA breakdown of the virement request detailed by the Federal Ministry of Finance, Budget and National Planning shows, \u201cFederal Ministry of Finance: N199, 129, 053, 400 for payment of local contractors\u2019 debts, public service wage adjustment for MDAs, SDGs Projects 3 and Group Life Assurance for all MDAs.
\n\u201cFederal Ministry of Education: N4, 500, 821, 569; Nigerian Air Force: N2, 335, 167, 265; Ministry of Defence: N4, 617, 811, 857; National Assembly: N25billion for settling minimum wage arrears of National Assembly Staff and Intervention to settle outstanding liabilities owed local contractors; Federal Road Maintenance Agency: N20, 038, 920, 773; Nigerian Correctional Service: N762, 678, 972; Federal Road Safety Commission (FRSC): N592million as financial assistance for the execution of 2021 End of Year Special Patrol Operation.
\n\u201cN19, 780, 778, 558 for funding for Federal Medical Centre, Katsina, University of Maiduguri Teaching Hospital, Ahmadu Bello Teaching Hospital, Zaria, Usman Danfodio University Teaching Hospital, Sokoto, Lagos University Teaching Hospital, University of Nigeria Teaching Hospital, Enugu, University of Benin Teaching Hospital and Jos University Teaching Hospital.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The House of Representatives, yesterday, passed the 2022 budget of N17.126trillion against the N16.391trillion presented by President Muhammadu Buhari. This is as President Muhammadu Buhari, yesterday, wrote the Senate seeking approval for the virement of N276,757,232,395 to fund expenditures in the 2021 budget. This followed a unanimous adoption of a report laid on the floor […]<\/p>\n","protected":false},"author":1,"featured_media":283513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[688],"class_list":["post-283508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-front-pix"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/283508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=283508"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/283508\/revisions"}],"predecessor-version":[{"id":283514,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/283508\/revisions\/283514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/media\/283513"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=283508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=283508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=283508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}