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President Muhammadu Buhari has raised the 2022 appropriation bill by N2.47 trillion, bringing the total budget for the fiscal year to N16.45 trillion. This was contained in a revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent by the President to the National Assembly yesterday.
In July, the Federal Executive Council (FEC) had approved N13.98 trillion for the proposed 2022 budget sum.
In the letter read by Deputy Senate President, Ovie Omo-Agege, Buhari explained that the needed adjustments were important to reflect “the new fiscal terms in the Petroleum Industry Act (PIA).
“The PIA establishes a progressive fiscal framework aimed at encouraging investment in the Nigerian petroleum industry. This significantly alters the oil…
Source: Guardian Newspaper