New Telegraph

September 28, 2023

Reps pass N17.12trn 2022 budget, raises oil benchmark to $62 per barrel

*Exchange rate at N410.15 to $1

…Empowers EFCC, NFIU to utilise 10% of recoveries

The House of Representatives Tuesday passed the 2022 Appropriations Bill raising the initial estimates from N16.39 trillion to 17.12 trillion.

The approval was given after the consideration of the report of the House of Representatives Committee on Appropriation presented by the Chairman, Hon. Muktar Betara (APC, Borno).

In the budget, which has been increased by N73 billion, N869.6 billion is for statutory transfers, N6.9 trillion is for recurrent expenditure, N5.46 trillion is for capital expenditure while debt service took N3.8 trillion.

This is against the executive proposal of N768.27 billion for statutory transfers, N3. 901 trillion for debt service, N6.82 trillion for recurrent (Non-Debt) expenditure. The House also pegged the oil benchmark at $62, being a $5 increase from the initial proposal of $57 per barrel.

Recall that President Muhammadu Buhari had presented the 2022 estimate to the joint session of the National Assembly on October 7, 2021.

Presenting the report, Hon. Betara explained that the additional revenue will be allocated to the agencies that submitted additional reports not captured in the budget. The 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

Meanwhile, the House has given approval to the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to change and defray from all monies standing in credit to the units as revenues or penalties or sanctions at 10% for technical setup and operational cost at the units in this financial year.

Similarly, it has authorised Nigerian embassies and missions to expend funds allocated to them under the Capital Components without having to seek the approval of the Ministry of Foreign Affairs.

Details of the budget show the revenue profile of N5,526,374,065,372 as share of federation revenues, independent revenues, N2,216,217,091,075, dividends N195,716,305,950, aid and grants, N63,376,918,168, Special Funds/Accounts-receipts, N300,000,000,000 and Government-Owned Enterprises (NET of Operating Surplus), N1,728,389,278,788 while aggregate revenues/inflow is N10,740,803,831,543.

Statutory Transfers is N869,667,187,542, Debt Service/Sinking Fund, N3,879,952,981,550, Recurrent (Non-Debt) Expenditure, N6,909,849,788,, Capital Expenditure N5,467,403,959,863 and Aggregate Expenditure, N17,126,873,917,692 while Surplus / Deficit is N6,386,070,086,149.

The sectoral allocation shows that the Presidency is given N61,079,757,342, Ministry of Defence, N996,091,292,618, Ministry of Foreign Affairs, N79,243,483,198, Federal Ministry of Information & Culture, N55,796,274,038, Ministry of Interior, N257,626,461,524, Office of the Head of the Civil Service of the Federation, N7,919,353,247 and Auditor General for the Federation, N4,476,854,068.

The Ministry of Police Affairs, N518,532,292,470, Federal Ministry of Communications and Digital Economy, N23,387,996,618, National Security Adviser, N155,820,214,009, Infrastructure Concession Regulatory Commission, N1,344,674,257, Secretary to the Government of the Federation, N62,575,420,244, Federal Ministry of Special Duties & Inter – Governmental Affairs, N4,439,614,685, Federal Ministry of Agriculture and Rural Development, N75,544,228,649 and Federal Ministry of Finance, Budget and National Planning, N28,604,104,969.

Others are the Federal Ministry of Industry, Trade and Investment, N17,966,745,438, Federal Ministry of Labour and Employment, N14,453,726,978, Federal Ministry of Science, Technology and Innovation, N49,683,523,165, Federal Ministry of Transport, N15,892,132,819, Federal Ministry of Aviation, N7,692,548,460, Federal Ministry of Power, N6,262,156,943, Ministry of Petroleum Resources, N30,502,257,191, Ministry of Mines and Steel Development, N12,038,392,758 and the Federal Ministry of Works and Housing, N31,935,604,197.

The National Salaries, Incomes and Wages Commission was given N870,534,226, Fiscal Responsibility Commission, N456,245,920, Federal Ministry of Water Resources, N10,669,058,320, Federal Ministry of Justice, N26,761,780,448, Independent Corrupt Practices and Related Offences Commission, N11,655,253,717 and the Federal Capital Territory Administration

Also, the Federal Ministry of Niger Delta HQTRS, N2,569,680, Federal Ministry of Youth & Sports Development, N 185,489,102,966, Federal Ministry of Women Affairs, N2,103,758,084, Federal Ministry of Education, N593,473,925,256, Federal Ministry of Health, N462,858,698,619, Federal Ministry of Environment Headquarters, N22,796,647,842, National Population Commission, N8,880,618,082 and Ministry of Humanitarian Affairs, Disaster Management and Social Development, N7,669,972,542.

For the Federal Executive Bodies, the Code of Conduct Bureau was allocated N2,343,845,401, Code of Conduct Tribunal, N830,910,644, Federal Character Commission, N3,272,871,999, Federal Civil Service Commission, N1,217,473,478, Police Service Commission, N926,505,919 and the Revenue Mobilization, Allocation, and Fiscal Commission, N2,337,230,632.

N577,862,188,757 was earmarked for Pension, Gratuities and Retirees Benefits, while Military Pensions and Gratuities (DMP) will gulp N237,777,188,864 and Police Pensions and Gratuities N9,056,565,892, Customs, Immigration and Prisons Pension Office, N9,460,976,361, Parastatals Pension and Railway Pensions, N30,502,699,595, the Department of State Security, N12,146,093,389, Nigeria Intelligence Agency, N9,791,192,224.

For statutory transfers, the National Judicial Council, N120,000,000,000, Niger-Delta Development Commission, N102,783,203,366, Universal Basic Education, N112,287,014,270, National Assembly, N139bn made up of the National Assembly Office, N19,116,017,33, Senate N33,267,001,807, House of Representatives, N51,994,511,954, National Assembly Service Commission, N7,734,166,662, Legislatives Aides, N9,602,095,928, PAC – Senate, N118,970,215, PAC – House of Representatives, N142,764,258 and General Services, N8,307,475,470.

The National Institute for Legislative and Democratic Studies (NILDS), N7, 373,813,596, Service-Wide-Vote, N471, 335,001, Office of Retired Clerks and Perm. Secretaries, N581,847,737, Appropriation Committee Department – Senate N125,000,000, Appropriation Committee Department – House, N165,000,000

The Public Complaints Commission, N11,190,000,000, Independent National Electoral Commission (INEC), N219,543,861,619, National Human Right Commission, N4,500,000,000, North East Development Commission, N48,076,094,017, Basic Health Care FUND, N56,143,507,135, National Agency For Science and engineering Infrastructure (NASENI), N56,143,507,135

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