President Muhammadu Buhari has signed into law the 2022 Appropriation Bill and the 2021 Finance Bill, restoring the January to December fiscal year as provided for in the country's Constitution. The President signed the documents in the Presidential Villa at a ceremony witnessed by the President of the Senate, Ahmed Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila. The 2022 Budget provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion. President Buhari expressed strong reservations over what he described as the "worrisome changes" made by the National Assembly to the 2022 Executive Budget proposal, and announced the decision to revert to the National Assembly. President Buhari expressed his reservations about changes to the 2022 Executive Budget proposal, such as an increase in projected FGN Independent Revenue by N400 billion, reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion, and reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively. He also raised worries about 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.
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