On October 9, 2021, President Mohammadu Buhari presented the N16.39 trillion 2022 budget to a joint session of the National Assembly.

The budget was passed in plenary after the Chairman of the House Committee on Appropriations, Hon. Muktar Betara, presented a report.

Betara said the oil price benchmark for the 2022 budget has been increased from $57 per barrel proposed by the executive to $62 per barrel to “reflect current market values of the oil barrel in the international market,” according to his report.

He stated that the budget is significant since it will be the current administration’s final full-year budget.

Other MTEF elements, aside from the oil benchmark, were approved as proposed by the executive, according to Betara.

Following the presentation of the report, the Green chamber increased the budget from N16.39 trillion to N17.13 trillion, an increase of N735.8 billion.

Following consideration of a report submitted by the House Committee on Finance, the lower house also enacted the 2021 Finance Bill.