The House of Representatives yesterday passed the 2022 budget estimates submitted by the President Muhammadu Buhari on October 10 with an increase of N735, 850,000,000.
The Senate, however, failed to pass the budget, adjourning plenary to today.
The House also extended the life span of the 2021 budget for an additional three months ending March 31, 2022, following a motion to that effect by the Leader of the House, Alhassan Ado Doguwa (APC, Kano).
Doguwa said the extension of the life span was to allow funds to be made available from the 2021 budget for capital expenditure for projects captured in the budget as funding of such projects were hampered during the year.
The lawmakers passed a budget of N17,126,873,917,692 from the 2022 fiscal year as against the N16,391,023,917,692 brought to the parliament by the President.
The lawmakers allocated N219 billion to the Independent National Electoral Commission, N139 billion to the National Assembly , N102 billion to the Niger Delta Development Commission and N120 billion to the National Judicial Council.
The sum of N3.6 trillion is allocated for debt servicing in 2022, with domestic debt taking a chunk of N2.5 trillion