The House of Representatives has passed the 2022 Appropriation Bill and the 2021 Finance Bill.

The House also raised the total estimates of the Federal Government’s budget from the proposed N16.39 trillion to over N17 trillion.

The passage followed the consideration of the reports by the House Committee on Appropriation and Committee on Finance on the bills, respectively.

The News Agency of Nigeria reports that the N17.1 trillion was against the N16.39 trillion that was proposed by the executive.

The House also increased the oil benchmark to 62 dollars as against the 52 dollars that was proposed by the executive, while the exchange rate was retained at N410.15

The House added that the increase in oil price was to reflect the current market values of the oil barrel in the international market.

The House stated that provision was made for more funds to critical sectors for purpose of execution of their core mandate.

The House also said that the additional revenue increase would be allocated to the agencies that came forward with additional financial reports which was not provided for in the budget.

This according to the House include Ministry of Works and Housing, Independent National Electoral Commission for the 2023 general elections.

Others are Defence, National Population Commission for the 2022 Population Census, Agriculture and Rural Development, National Security Adviser, National Assembly among others.

The Gross Domestic Product growth rate was put at 4.2 per cent, while inflation was left at 13 per cent.

gistmega:
If you hold anyone of them for blockos make him explain the law, e no go fit.

Sammy07:
They passed their food

rentAcock:
#17 Trillion Naira or a mere $29.8 billion. Heck Elon Musk paid almost half our national budget in taxes this year alone. We depend on oil so much that our future looks so bleak. Just about every car manufacturer has or is in the process of making highly efficient electric cars. You have countries all over the world proposing zero carbon emission in the next decade and we are still depending on oil. I strongly believe in my country but every day I wonder if this strong patriotism is just a façade. Countries are thinking about making hydrogen powered cars and some are thinking of creating cars that will run on recaptured CO2 in he atmosphere and here we are doing nothing to diversify our economy away from oil. When there's no one to buy our oil again, what will happen to us? Can you imagine the chaos and anarchy that will befall this country of over 160million people when a barrel of oil is less than $3? I can only hope and pray that we steer this ship into the 21st century with new and bold initiatives that will keep us relevant for the next 100yrs.