President Muhammadu Buhari is expected to present the 2022 budget proposal to a joint session of the National Assembly on Thursday.
Deputy Senate President Ovie Omo-Agege announced this after reading and referring Buhari’s submission of the revised 2022-2024 Medium Term Fiscal Framework to the Committee on Finance for legislative input.
The President’s demand seeking the legislature approval of the revised framework, is coming w weeks after the lawmakers certified the 2022-2024 budget framework. It was reported that in the revised Medium Term Fiscal Framework, the government raised its 2022 projected expenditure to 16.45 trillion naira from the 13.98 trillion naira earlier approved by the National Assembly.
According to the revised framework, the deficit is projected to increase by 692.0 billion naira or to 3.42 per cent from 3.05 per cent of the gross Domestic Product, GDP.
Buhari also explained that the revision was compelled by the need to reflect the new fiscal terms in the Petroleum Industry Act, PIA)2021, as well as other critical expenditures in the 2022 Budget.
