The Senate, on Saturday, passed an aggregate expenditure of N28.78trillion as budget for the 2022 fiscal year, higher by N1.2trillion to N27.5trillion proposal submitted to it by President Bola Tinubu last month.
The upper chamber of the National Assembly also increased the exchange rate from N750 to N800 per dollar while the 1.78mbpd daily oil production, US$77.96 oil benchmark price and GDP growth rate of 3.88% were approved as proposed by the executive arm of government.
Out of the N28.78 trillion aggregate expenditure passed, N1.74 trillion is for Statutory Transfer; N8.77 trillion is for Recurrent Expenditure; N9.99 trillion is for Capital Expenditure; and N8.27 trillion is for Debt Service.
The passage of the bill was sequel to the consideration of a report by the Appropriations Committee on the 2024 Appropriations Bill presented by its Chairman, Senator Adeola Olamilekan (APC, Ogun).
Details shortly.
