The Nigerian House of Representatives has passed the sum of Seventeen Trillion, One Hundred and Twenty-Six Billion, Eight Hundred and Seventy-Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira ( N 17,126,873,917,692) as the nation’s budget estimate for the 2022 financial year.
This represents an over 800 billion Naira increase over the proposal laid before the lawmakers in early October.
The passage followed the adoption of the report of the House Committee on Appropriation by the Committee Chairman, Alhaji Muktar Aliyu Betara
“That the House do receive the Report of the Committee on Appropriations on a Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of N 17,126,873,917,692 (Seventeen Trillion, One Hundred and Twenty-Six Billion, Eight Hundred and Seventy-Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira) only, of which N869,667,187,542 (Eight Hundred and Sixty-Nine Billion, Six Hundred and Sixty-Seven Million, One Hundred and Eighty-Seven Thousand, Five Hundred and Forty-Two Naira) only is for Statutory Transfers, N3,879,952,981,550 (Three Trillion, Eight Hundred and Seventy-Nine Billion, Nine Hundred and FiftyTwo Million, Nine Hundred and Eighty-One Thousand, Five Hundred and Fifty Naira) only is for Debt
Service, N6,909,849,788,737 (Six Trillion, Nine Hundred and Nine Billion, Eight Hundred and Forty-Nine Million, Seven Hundred and Eighty-Eight Thousand, Seven Hundred and Thirty-Seven Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N5,467,403,959,863 (Five Trillion, Four Hundred and Sixty-Seven Billion, Four Hundred and Three Million, Nine Hundred and Fifty-Nine Thousand, Eight”
Out of the amount, over six trillion naira has been earmarked for recurrent expenditures while over five trillion naira has been set aside for capital expenditures.
Similarly, over three trillion Naira was allocated for debt services and over 800 billion for statutory transfers in the 2022 fiscal year.
Most of the lawmakers that spoke on the 2022 budget expressed optimism that if properly implemented, it would impact positively in transforming the lives of Nigerians.
Finance Bill 2021
The House also passed the Finance Bill 2021, following the adoption of a report of the Finance Committee on the bill mostly regarding revenue generation.
Presenting the report, the Chairman of the Committee, Hon James Faleke said the Bill is to amend the Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue Service (Establishment) Act, Personal Income Tax Act among others.
Others are the Stamp Duties Act, Tertiary Education Trust Fund (Establishment) Act, Value Added Tax Act, Insurance Act, Nigerian Police Trust Fund (Establishment) Act, National Agency for Science and Engineering Infrastructure Act, Finance Control and Management Act, Fiscal responsibility Act; and for Related Matters.
