The National Assembly on Thursday passed the amended 2022 Appropriation Act and 2022 Fiscal Framework, granting approval to the Federal Government’s borrowing plan which raised budget deficit by N965.42bn to N7.35trn.

Both Houses considered and adopted reports on the amendment bills
during plenary based on the request by President Muhammadu Buhari.

The Senate and House of Representatives, in granting the request and
raising the budget deficit approved a new oil price benchmark of $73 per
barrel, a new oil production volume of 1.600 million per day, and a PMS
subsidy of N4trn.

The lawmakers, however, cut by N200bn from N352.80bn provision for
federally-funded upstream projects being implemented while the
projection for Federal Government independent revenue was raised by
N400bn.

The parliament also passed an additional provision of N182.45bn to
cater for the needs of the Nigeria Police Force.

This was as the lawmakers provided N76.13bn for domestic debt
service, with net reductions in statutory transfers by N66.07bn.