The Senate has passed a 2022 budget of N17.126 trillion. This is a significant revision of the initial N16.391 trillion President Buhari presented to the house.
It is worthy of note that the Senate increased the benchmark price of crude from $57 to $62 per barrel, which appeared to prop up revenue expectations, hence the increase.
Of the sum, N3.8 trillion was budgeted for debt servicing, N6.9 trillion recurrent non-debt expenditure while N5.4 trillion is for capital expenditure.
While the house agreed to allow EFCC and National Financial Intelligence Unit use 10% of monies they recover to fund their own operations, the deficit was increased by N98 billion.
The increase in deficit has been allowed, according to the house, to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.
