The Senate has approved Federal Government’s proposed budget of 13.98 trillion naira for 2022 and a revenue projection of 8.36 trillion naira.
The Red Chamber also passed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP ahead of the expected presentation of the 2022 appropriations bill to the National Assembly by President Muhammadu Buhari.
This is coming as President of the Senate Ahmad Lawan, supported the continuous collection of Value Added Tax, VAT by the Federal Government until the final ruling of the Supreme Court on the matter.
The passage of the 2022-2024 Medium Term Expenditure Framework was sequel to the consideration and deliberation of a report by the Joint Committee on Finance; Local and Foreign Debts; Banking, Insurance and other Financial Institutions; Petroleum Resources, Upstream; Downstream Petroleum Sector and Gas.
Chairman of the Senate Finance Committee, Solomon Adeola, presented the Joint Committee report. Lawan, while speaking after the passage, stressed that the lawmakers needed to up their game in the area of oversight.
