<\/p>\n
\u00a0President Muhammadu Buhari has signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.<\/span><\/strong><\/p>\n <\/p>\n The President signed the documents in the Presidential Villa on Friday in the presence of Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.<\/span><\/p>\n <\/p>\n Speaking at the event, the President said the 2022 Budget, just signed into law, provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion.<\/span><\/p>\n <\/p>\n The President explained that N186.53 billion of the increase however came from additional critical expenditures that he had authorised the Minister of Finance, Budget and National Planning to forward to the National Assembly.<\/span><\/p>\n <\/p>\n \u2018\u2018The Minister will provide the public with the details of the budget as passed by the National Assembly, and signed into law by me,\u2019\u2019 he said.<\/span><\/p>\n <\/p>\n \u2018President laments worrisome changes\u2019<\/strong><\/span><\/p>\n <\/p>\n President Buhari also expressed strong reservations on the \u2018\u2018worrisome changes\u2019\u2019 made by the National Assembly to the 2022 Executive Budget proposal.<\/span><\/p>\n <\/p>\n He announced that he would revert to the National Assembly with a request for amendment as soon as the Assembly resumes to ensure that critical ongoing projects cardinal to this administration do not suffer a setback due to reduced funding.<\/span><\/p>\n <\/p>\n The President recounted that during the presentation of the 2022 Appropriation Bill, he had stated that the fiscal year 2022 would be very crucial in his administration\u2019s efforts to complete and put to use critical agenda projects, as well as improve the general living conditions of our people.<\/span><\/p>\n <\/p>\n \u2018\u2018It is in this regard that I must express my reservations about many of the changes that the National Assembly has made to the 2022 Executive Budget proposal.<\/span><\/p>\n <\/p>\n \u2018\u2018Some of the worrisome changes are as follows<\/strong>:<\/span><\/p>\n \u2018\u2018Increase in projected FGN Independent Revenue by N400 billion, the justification for which is yet to be provided to the Executive:<\/span><\/p>\n <\/p>\n \u2018\u2018Reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion without any explanation;<\/span><\/p>\n <\/p>\n \u2018\u2018Reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively.<\/span><\/p>\n <\/p>\n \u2018\u2018This is particularly worrisome because personnel cost provisions are based on agencies\u2019 nominal roll and approved salaries\/allowances;<\/span><\/p>\n <\/p>\n \u2018\u2018Furthermore, an increase of N21.72 billion in the Overhead budgets of some MDAs, while the sum of N1.96 billion was cut from the provision for some MDAs without apparent justification;<\/span><\/p>\n <\/p>\n \u2018\u2018Increase in the provision for Capital spending (excluding Capital share in Statutory Transfer) by a net amount of N575.63 billion, from N4.89 trillion to N5.47 trillion.\u2019\u2019<\/span><\/p>\n <\/p>\n President Buhari also expressed concern in the reductions in provisions for some critical projects, including N12.6 billion in the Ministry of Transport\u2019s budget for the ongoing Rail Modernisation projects; N25.8 billion from Power Sector Reform Programme under the Ministry of Finance, Budget and National Planning; N14.5 billion from several projects of the Ministry of Agriculture, and introducing over 1,500 new projects into the budgets of this Ministry and its agencies.<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0President Muhammadu Buhari has signed into law the 2022 Appropriation Bill and the 2021 Finance Bill. The President signed the documents in the Presidential Villa on Friday in the presence of Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council. Speaking […]<\/p>\n","protected":false},"author":5,"featured_media":2448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15],"tags":[1411,86],"class_list":["post-2447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-2022-budget","tag-buhari"],"yoast_head":"\n