The Senate, Wednesday, approved President Muhammadu Buhari’s revised 2022-2024 Medium Term Expenditure Framework.
The revised submission was received and referred to the Committee on Finance on Tuesday for expeditious consideration ahead of today’s budget presentation to the National Assembly by the President.
The approval of the revised framework was sequel to the consideration of a report by the Committee on Finance headed Senator Solomon Adeola.
The Senate in its recommendation approved the aggregate expenditure of N16.39 trillion from the previous N13.98 trillion for the year 2022 just as it gave its support to the retained revenue of N10.3 trillion and N635.4 billion fiscal deficits.
The Senate also commended the Budget Office of the Federation and the Federal Ministry of Finance, Budget and National Planning for insisting that MDAs submit their revenue profile as premise for being captured in the 2022 budget proposal.
In his presentation, the Committee Chairman, Adeola, said that Gross Revenue Projection decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion.
According to him, deductions for federally-funded upstream projects costs and 13 percent derivation was slashed by N335.3 billion and N810.25 million, respectively.
He added that while Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion, non-oil taxes remain unchanged.
He explained that the Federal Government’s retained revenue is projected to increase by N1.773 trillion, from N8.36 trillion to N10.13 trillion.
Meanwhile, President Buhari will on Thursday at noon present the 2022 budget to the Joint Session of the National Assembly.
The President made this known in a letter dated October 5, 2021, and read during plenary by the President of the Senate, Ahmad Lawan.