To sustain the January to December budgetary circle, President Muhammadu Buhari on Friday, signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.
Buhari signed the documents in the Presidential Villa in the presence of Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.
At the brief ceremony, the President said the 2022 Budget, which he had 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.
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.
‘‘The Minister will provide the public with the details of the budget as passed by the National Assembly, and signed into law by me,’’ he said.
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The President announced that as the 2023 Budget is going to be a transition budget, work will start in earnest to ensure the early submission of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper as well as the 2023 Appropriation Bill to the National Assembly.
He, therefore, directed Heads of Ministries, Departments and Agencies (MDAs) to cooperate with the Ministry of Finance, Budget and National Planning, more specifically with the Budget Office of the Federation, to realise this very important objective.
President Buhari also expressed strong reservations on the ‘‘worrisome changes’’ made by the National Assembly to the 2022 Executive Budget proposal.
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.
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’s efforts to complete and put to use critical agenda projects, as well as improve the general living conditions of our people.
‘‘It 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.
‘‘Some of the worrisome changes are as follows:
‘‘Increase in projected FGN Independent Revenue by N400 billion, the justification for which is yet to be provided to the Executive;
“Reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion without any explanation.”
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