Newsmen reported how the signing of the budget comes two weeks after the Senate and House of Representatives passed the bill presented by the president a few weeks earlier.
I also appreciate the continuing cooperation and commitment of the Ninth National Assembly to the restoration of a predictable January to December fiscal year, as provided for in the Constitution of the Federal Republic of Nigeria. As you will recall, I laid the 2022 Appropriation Bill before the Joint Session of the National Assembly on 7th October, 2021, and forwarded the 2021 Finance Bill thereafter. This Administration remains committed to the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.
As I mentioned during the presentation of the 2022 Appropriation Bill, the fiscal year 2022 is very crucial in our efforts to complete and put to use critical agenda projects, as well as improve the general living conditions of our people. Furthermore, an increase of N21.72 billion in the Overhead budgets of some MDAs, while the sum of N1.96 billion was cut from the provision for some MDAs without apparent justification;
Reduction of N14.5 billion from several projects of the Ministry of Agriculture, and introducing over 1,500 new projects into the budgets of this Ministry and its agencies. Reduction in the provisions for many strategic capital projects to introduce ‘Empowerment’ projects. The cuts in the provisions for several of these projects by the National Assembly may render the projects unimplementable or set back their completion, especially some of this Administration’s strategic capital projects.
I signed the 2022 Appropriation Bill into law to enable its implementation to commence on 1st January 2022. However, I will revert to the National Assembly with a request for amendment and/or virement as soon as the Assembly resumes to ensure that critical ongoing projects that are cardinal to this administration, and those nearing completion, do not suffer a setback due to reduced funding.
The Ministry of Finance, Budget and National Planning will implement all measures required to ensure timely and targeted release of capital votes. All Ministries, Departments and Agencies are to effect early commencement of project implementation, while ensuring productive use of funds provided for achievement of the objectives set for their sectors.
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