Nigeria's 2022 BUDGET Proposal Second Reading from the Senate House.
The 2022 budget proposal has passed the second reading in the Senate. Last week, President Muhammadu Buhari submitted his government’s proposed spending plan for 2022 to the National Assembly. The proposed total expenditure is N16.39 trillion, 12.5 per cent higher than the 2021 Budget. Recurrent spending — that is wages and administrative cost of government — is estimated to cost N6.83 trillion. That is 41.7 per cent of the total expenditure, and 18.5 per cent higher than the 2021 Budget. The total capital expenditure is N5.35 trillion. The remaining consists of debt service and provision for repayment of maturing bonds. The 2022 budget proposal has passed the second reading in the Senate. The passage through the second reading follows a debate by federal legislators on the budget. President Buhari had on Thursday last week presented an N16.39 trillion budget proposal for the 2022 fiscal year. Out of the total expenditure of N16.39 trillion naira proposed for the Federal Government in