President Muhammadu Buhari has signed into law, the new Appropriation Bill recently passed into law by the National Assembly.
The Senior Special Assistant to the President on National Assembly Matters (House of Representatives) Umar I. El-Yakub , who disclosed the development, also said that the new law repeals the Appropriation Law passed by the federal lawmakers in December 2021.
The new Act increases the size of the federal budget for 2022 to ₦17,319 trillion.
It is important to note that ₦817,699 billion is for statutory transfer while N3.978 trillion will go to debt service.
The sum of ₦7.108 trillion is for Recurrent (Non-Debt) Expenditure while the sum of ₦5.415;trillion is for Contribution to the Development Fund for Capital Expenditure for the Year Ending on December 31, 2022.
