The Senate has passed a 2022 budget of 17.126 trillion naira against 16.391 trillion naira as presented by President Muhammadu Buhari.
The Senate while passing the bill increased the benchmark price of crude from 57 to 62 dollars per barrel, from which a proposed increase in revenue is expected.
The sum of 3.8 trillion naira is for debt service, 6.9 trillion naira recurrent non-debt expenditure while 5.4 trillion naira is for capital expenditure.
After the passage of the budget Senate President Ahmad Lawan commended the National Assembly for restoring the budget cycle back to January to December.
The House of Representatives also raised and passed the exact figure on Tuesday.
The lawmakers made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by 98 billion naira to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.
