President Muhammadu Buhari will present the 2022 budget estimate to a joint session of the National Assembly on Thursday.
The Deputy President of the Senate, Ovie Omo-Agege, made this known while presiding over the plenary on Tuesday at National Assembly in Abuja.
The budget presentation was coming early enough due to the January to December fiscal budgetary policy introduced by the 9th National Assembly.
In a letter addressed to the Senate, the President urged the lawmakers to approve the planning documents which he said would form the basis and assumptions in the 2022 budget.
The present administration has been making effort to ensure the appropriation bill for the following year is promptly submitted, as part of its commitment to the January to December budget cycle.
President Buhari had presented a proposed 2021 Budget of N13.08 trillion, to the National Assembly on October 8, 2020.
The Budget of Economic Recovery and Resilience contained a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).
A breakdown of the 2021 Budget indicated that the act had a recurrent expenditure of N5.65 trillion, a personnel cost of N3.76 trillion, and a debt service of N3.12 trillion.
This included N1.35 trillion spending by government-owned enterprises and grants, as well as aid-funded expenditure of N354.85 billion.