Buhari signs 2022 budget, new Finance Act

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President Muhammadu Buhari has signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.

This he said was in line with keeping with the tradition of restoring a predictable January to December fiscal year, as provided for in the Constitution of the Federal Republic of Nigeria.

The President signed the documents in the Presidential Villa, Abuja on Friday in the presence of Senate President, Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.

Speaking at the event, the President said the 2022 Budget, 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, Zainab Ahmed, 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.

The President announced that as the 2023 Budget is going to be a transition budget, work will start in earnest to ensure 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 objective.

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