The Nigerian Senate has suspended plenary for one month to enable its Committee on Appropriation to work on the general principles of the 2022 budget of N16.39 trillion.
President of the Senate, Ahmad, made the declaration on Wednesday after the 2022 Appropriation bill was read, debated and passed the second reading.
Lawan, who noted that the Plenary will resume on November 9, said the four-week period will allow Ministries, Departments and Agencies to defend their budget performance and projections before the Appropriation Committee headed by Senator Jibrin Barau.
He stressed the need for parliament to intensify oversight on MDAs to ensure government funds are applied for projects originally earmarked for.
While most of the lawmakers in their contributions faulted the projections of the budget, especially having to borrow to fund it, others commended the executive for its plan on economic growth and sustainability.
After the debate, the Senate President assured that the 2022 budget will be passed before the end of the year.
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The key 2022 Budget assumptions and targets underlying them, covers; Capital expenditure, Overhead costs, Statutory transfers, Personnel costs and Pensions, Oil price and production Exchange rate, Oil and Non-Oil Revenue and the resultant deficit of N6.258 trillion which will be financed by new borrowings of N5.012 trillion.
The proposed budget was presented to a joint session of the National Assembly by President Muhammadu Buhari last week.
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