Umar I. El-Yakub, the President’s Senior Special Assistant on National Assembly Matters (House of Representatives), announced this in a statement on Friday.

The new law, according to El-Yakub, repeals the Appropriation Law enacted by Lawmakers in December 2021.

According to him, the new Act boosts the federal budget for 2022 to $17.319 trillion. The statutory transfer would cost N817,699 billion, while debt service will cost N3.978 trillion.

Recall that the President received the National Assembly’s 2022 Appropriation Bill in December of last year.

The National Assembly passed the budget after raising the total estimates from the proposed N16.391tn to N17.126tn.

It also raised the oil benchmark from the proposed $57 per barrel to $62  to “reflect the current market values of the oil barrel in the international market”.