Senior Special Assistant to the President on National Assembly Matters (House of Representatives) Umar I. El-Yakub said the new law repeals the Appropriation Law passed by the lawmakers in December 2021.
He spoke on this after President Muhammadu Buhari signed into law the new Appropriation Bill recently passed into law by the National Assembly.
The new Act, according to El-Yakubu, increases the size of the federal budget for 2022 to ₦17,319 trillion. ₦817,699 billion is for statutory transfer, while N3.978 trillion will go to debt service.
₦7.108 trillion is for Recurrent (Non-Debt) Expenditure while the sum of ₦5.415; trillion is for Contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st day of December 2022.
