Africa Business Radio

The National Assembly has transmitted the 2022 Appropriation Bill to President Muhammadu Buhari for assent.The House of Representatives and the Senate passed the Federal Governmentʼs budget on Tuesday and Wednesday last week, respectively, raising the total estimates from the proposed N16.391tn to N17.126tn. The oil benchmark was raised from the proposed $57 per barrel to $62.President of the Senate, Ahmad Lawan, had said the budget would be transmitted to Buhari by Thursday.The National Assembly had with the 2022 budget returned the country to a January-December budget cycle.Buhari had signed the 2021 Appropriation Bill into law on January 1, 2021, while itʼs life cycle was expected to expire on December 31, but for the recent extension of the lifespan of its capital component three months by the National Assembly.The President is expected to assent to the money bill by Saturday.