Any budget is framed using the MTEF and FSP as parameters.

The bill was passed on the same day that President Muhammadu Buhari wrote to the Senate, telling them of his intention to bring the budget before the National Assembly’s joint session at noon today.

In the revised MTEF, President Buhari jerked up the total expenditure of the federal government in the 2022 fiscal year to N16.45 trillion, explaining that the needed adjustments were important to reflect the new fiscal terms in the Petroleum Industry Act, PIA.

The Federal Executive Council, FEC, had in July, approved N13.98 trillion for the proposed 2022 budget sum before the PIA was passed.

After working on Buhari’s request, the Senate Committee on Finance, led by Olamilekan Adeola, APC, Lagos West, pegged the federal government’s total expenditure at N16.39 trillion, reducing what the President sent by N60 billion.

While Buhari had pegged the fiscal deficit at N692.0 billion, the senate put it at N635.4 billion.

The senate fixed the retained revenue of the federal government at N10.3 trillion, but the president sent the sum of N10.13 trillion for approval.

The upper legislative chamber retained the provisions of N100 billion to the Independent National Electoral Commission, INEC, for the 2023 polls and N54 billion for the National Agency for Science and Engineering Infrastructure, NASENI.

“The budget office of the federation leveraged the senate and house committees on finance recommendation that all revenue-generating agencies must remit their revenue to the Consolidated Revenue Fund, CRF.

“Or they will not be captured in the 2022 budget proposal,” Solomon Adeola, chairman of the finance committee, said.

The budget size was reduced after recommendations in a report presented by Adeola were passed.

In the meantime, President Buhari has written to the National Assembly, advising both the Senate and the House of Representatives that the 2022 Appropriation Bill will be presented today at noon.

During a combined session of both chambers, the Appropriation Bill will be presented. President Buhari stated this in a letter read by Senate President Ahmad Lawan at yesterday’s plenary session.

The letter, titled “Presentation of 2022 Appropriation Bill”, read: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of noon on Thursday, October 7, 2021, to formally present the 2022 Appropriation Bill to the joint session of the National Assembly.

“Please, accept, Distinguished Senate President, the assurances of my highest regards, as I look forward to addressing the joint session.”