President Muhammadu Buhari has signed into law the new Appropriation Bill recently passed into law by the National Assembly.
Senior Special Assistant to the President on National Assembly Matters (House of Representatives) Umar I. El-Yakub who made this known in a statement, said the new law repeals the Appropriation Law passed by the lawmakers in December 2021.
In the new Act which increased the size of the federal budget for 2022 to ₦17,319,704,091,019; ₦817,699,410,210 is for statutory transfer, ₦3,978,087,110,437 will go to debt service, ₦7,108,621,131,849 is for Recurrent (Non-Debt) Expenditure while the sum of ₦5,415,296,438,523 is for Contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st day of December, 2022.
The statement read in part, “Today, His Excellency President Muhammadu Buhari GCFR assented to the APPROPRIATION (REPEAL AND ENACTMENT) BILL, 2022 recently passed by the National Assembly. This Act repeals the Appropriation Act, 2022 and enacts a new Appropriation Act, 2022; to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦17,319,704,091,019 (seventeen trillion, three and nineteen billion, seven and four million, ninety-one thousand and nineteen Naira) only, of which ₦817,699,410,210 (eight hundred and seventeen billion, six hundred and ninety-nine million, four hundred and ten thousand, two hundred and ten Naira) only, is for Statutory Transfers, ₦3,978,087,110,437
“(Three trillion, nine hundred and seventy-eight billion, eighty-seven million, one hundred and ten thousand, four hundred and thirty-seven Naira) only, is for Debt Service, ₦7,108,621,131,849 (seven trillion, one hundred and eight billion, six hundred and twenty-one million, one hundred and thirty-one thousand, eight hundred and forty-nine Naira) only, is for Recurrent (Non-Debt) Expenditure while the sum of ₦5,415,296,438,523 (five trillion, four hundred and fifteen billion, two hundred and ninety-six million, four hundred and thirty-eight thousand, five hundred and twenty-three Naira) only, is for Contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st day of December, 2022.”
