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Reps pass, increase 2022 budget by N735bn

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The House of Representatives on Tuesday passed the appropriation bill for next year.

The green chamber, at the last plenary of the year, also increased the budget by N735bn, totalling the sum of N17.13trn.

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President Muhammadu Buhari had on October presented the 2022 budget of N16.39 trillion to a joint session of the national assembly.

The lower legislative chamber passed the budget after Muktar Betara, chairman of the committee on appropriations, presented a report.

Mr Betara said the oil price benchmark for the 2022 budget has been increased from $57 per barrel proposed by the executive to $62 to “reflect the current market values of the oil barrel in the international market”.

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