Despite uncertainty in global oil market due to the omicron variant of COVID-19, the House of Representatives on Tuesday passed the 2022 budget estimate with increase in the oil benchmark from $57 per barrel to $62 per barrel.
The oil benchmark increment jacked up the 2022 budget to N17.12 trillion from the N16.39 billion proposed by the executive.
The budget was passed on Tuesday following the adoption of the report of the House Committee Appropriations submitted by its Chairman, Maktar Batera (APC, Borno).
The Committee on Supply had considered the report and passed.
President Muhammadu Buhari had presented the 2022 estimate to the joint session of the National Assembly on 7 October.
According to Mr Batera’s synopsis, the additional revenue will be allocated to the agencies that came forward with additional report that was not captured in the budget.
These agencies include: the Independent National Electoral Commission (INEC) for the 2023 election, the Federal Ministry of Works and Housing, the National Assembly (Constituency outreach), Federal Ministry of Water Resources and the National Population Commission (NPC) for the 2022 population census.
INEC had requested additional N305 billion to the annual N40 billion budget to execute the 2023 general elections.
The outbreak of omicron variant has led to some form of restrictions by countries around the world as part of measures to curb the spread of the virus.
Details to follow…..
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