Plans are underway for the presentation of the budget Thursday as Presidency raises the 2022 appropriation bill by N2.47 trillion, bringing the total to N16.45 trillion.
In a letter covering the revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP)-a technical name for what has been traditionally called budget proposal-sent to the National Assembly on Tuesday, and read by Deputy Senate President Ovie Omo-Agege, the President pegged the increment on the need to reflect the Petroleum Industry Act.
In addition, N100 billion has been added as a vote for the conduct of the 2023 general election.
Last July, the Federal Executive Council (FEC) had approved the N13.98 trillion budget for 2022.
“The PIA establishes a progressive fiscal framework aimed at encouraging investment in the Nigerian petroleum industry,” the president said.
“This significantly alters the oil and gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.
“The increase in expenditure is due to N100 billion additional provision to INEC, to cater for the 2023 general election”.
“The provision of N54 Billion to NASENI, which represents 1 percent FGN share of federation account.
“Additional provision of N510 billion in the Service Wide Votes to cater for National poverty reduction with growth strategy (N300 billion), Police Operations Fund (N50 billion), Hazard Allowance for Health Workers (N50 billion), Public Service Wage Adjustments (additional N80 billion), and MDAs’ Electricity Bills Debt (additional N37 billion).
“Additional capital provision of N1.70 trillion, attributed to projected increases in the budget”, the President said.
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