The Senate increased the benchmark price of crude from 57 to 62 dollars per barrel, from which a proposed increase in revenue is expected.
The ninth Senate has passed the 2022 budget of N17.126trillion against the N16.391trillion presented by President Muhammadu Buhari.
According to details in the budget, the sum of N3.8trillion is for debt service, N6.9trillion recurrent non-debt expenditure while N5.4trillion is for capital expenditure.
The Senate increased the benchmark price of crude from 57 to 62 dollars per barrel, from which a proposed increase in revenue is expected.
According to a release from the Office of the Senate President obtained by SaharaReporters, the legislators also adjourned plenary to January 18, 2022.
The release read, “Chairman of the Committee, Senator Barau Jibrin, said the revenue projection for the 2022 budget was predicated on the Medium Term Expenditure Framework/Fiscal Strategy Paper approved by the National Assembly.
“Barau recalled that the National Assembly had approved 1.88mbpd Daily Oil Production and US$62 as against $US57 proposed by the executive arm of government. He explained that the increase in oil price Benchmark from US$57 to US$62 was done to reflect the current market value in the international market.
“A breakdown of recurrent expenditure shows that N61,079,757,342 was budgeted for the Presidency in 2022, N996,09 1,292,618 for Defence, N79,243,483,198 for the Ministry of Foreign Affairs, N55,796,274,038 for Federal Ministry of Information and Culture, N257,626,461,524 for Ministry of Interior, N7,919,353,247 for Office of the Head of Civil Service of the Federation, and N4,476,854,068 for the Auditor General for the Federation.
“While the Federal Ministry of Police Affairs received N518,532,292,470, the Ministry of a communications and Digital Economy got N23,387,996,618, National Security Adviser – N155,820,2 14,009, Infrastructure Concession Regulatory Commission – N1,344,674,257, Secretary to the Government of the Federation – N62,575,420,244, Federal Ministry of Special Duties and Inter-Governmental Affairs – N4,439,614,685, Federal Ministry of Agriculture and Rural Development – N75,544,228,649, and Federal Ministry of Finance, Budget and National Planning – N28,604, 104,969.
“In addition, the Federal Ministry of Industry, Trade and Investment received N17,966,745,438, Federal Ministry of Labour and Employment – N14,453,726,978, Federal Ministry of Science, Technology and Innovation – N49,683,523,165, Federal Ministry of Transport – N15,892,132,819, Federal Ministry of Aviation – N7,692,548,460, Federal Ministry of Power – N6,262,156,943, and Ministry of Petroleum Resources – N30,502,257, 191.
“Also, N12,038,392,758 was budgeted for the Ministry of Mines and Steel Development, N31,935,604,197 for Federal Ministry of Works and Housing, N870,534,226 for National Salaries, Incomes and Wages Commission, N456,245,928 for Fiscal Responsibility Commission, N10,669,058,320 for Federal Ministry of Water Resources, N26,761,780,448 for Federal Ministry of Justice, and N11,655,253,717 for the Independent Corrupt Practices and Related Offences Commission.
“Others are Federal Capital Territory Administration – Nil, Federal Ministry of Niger Delta – N2,569,680,304, Federal Ministry of Youth and Sports Development – N185,489,102,966, Federal Ministry of Women Affairs – N2,103,758,084, Federal Ministry of Education – N593,473,925,256, Federal Ministry of Health - N462,858,698,619, Federal Ministry of Environment – N22,796,647,842, National Population Commission – N8,880,618,082, and Ministry of Humanitarian Affairs, Disaster Management and Social Development – N7,669,972,542.”