The Senate and the House of Representatives will on Thursday (today) pass the revised 2022 fiscal framework of the Federal Government. The President of the Senate, Ahmad Lawan, made this known after the report of the Committee on Finance was stepped down today for consideration at the plenary on Wednesday.
The Majority Leader, Yahaya Abdullahi, who moved a motion for the report to be stepped down, said the consideration should be deferred to Thursday to allow lawmakers make their inputs.
The House is also expected to pass the 2022 budget of the Nigeria Customs Service the same day, as the National Assembly goes on break for Easter and Ramadan. The President,
Major General Muhammadu Buhari (retd.), had written to the Senate and the House to say that the deficit in the 2022 Appropriation Act has risen by N965.42bn, to N7.35tn, adding that the Federal Government will borrow funds to fill the gap. Buhari, therefore, called for the amendment of the Federal Government’s budget and the fiscal framework for 2022.
The President said the adjustments to the 2022 Fiscal Framework include an increase in the project oil price benchmark by $11 per barrel, from $62 per barrel to $73 per barrel.
