Buhari Signs 2022 Amended Appropriation Act, To Service Nigeria's Debts With N3trillion

President Muhammadu Buhari has assented to the new 2022 Appropriation Bill recently passed into law by the National Assembly.

This was stated by the Senior Special Assistant to the President on National Assembly Matters (House of Representatives) Umar El-Yakub.

Umar said the amended Appropriation Act will repeal the previous one passed by the lawmakers in December 2021.

An appropriation, also known as a supply bill or spending bill, is a proposed law that authorises the expenditure of government funds. It is a bill that sets money aside for specific spending.

According to him, the new law will authorise issue from the Consolidated Revenue Fund of the Federation the total sum of N17,319,704,091,019.

Out of this, N817,699,410,210 only, is for Statutory Transfers, while N3,978,087,110,437 only will be for Debt Service.

Also, N7,108,621,131,849 only is for Recurrent (Non-Debt) Expenditure while the sum of N5,415,296,438,523 would be for Contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st day of December, 2022.

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