The new Appropriation Bill, which was just signed into law by the National Assembly, has received the approval of President Muhammadu Buhari.
The new law, according to Umar El-Yakub, Senior Special Assistant to the President on National Assembly Matters (House of Representatives), who made this announcement on Friday, June 3, repeals the Appropriation Act voted by MPs in December 2021 and enacts a new Appropriation Act, 2022.
El-Yakub pointed out that this only authorises a total of N17,319,704,091,019 (seventeen trillion, three and nineteen billion, seven and four million, nineteen thousand and nineteen Naira) from the Federation’s Consolidated Revenue Fund.
Out of this, N817,699,410,210 (eight hundred and seventeen billion, six hundred and ninety-nine million, four hundred and ten thousand, two hundred and ten Naira) only, is for Statutory Transfers, while N3,978,087,110,437 (Three trillion, nine hundred and seventy-eight billion, eighty-seven million, one hundred and ten thousand, four hundred and thirty-seven Naira) only will be for Debt Service.
Similarly, N7,108,621,131,849 (seven trillion, one hundred and eight billion, six hundred and twenty-one million, one hundred and thirty-one thousand, eight hundred and forty-nine Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N5,415,296,438,523 (five trillion, four hundred and fifteen billion, two hundred and ninety-six million, four hundred and thirty-eight thousand, five hundred and twenty-three Naira) would be for Contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st day of December, 2022.
Earlier in the week, President Buhari has stated, on Wednesday, June 1, in Madrid, Spain, that Nigeria is ready to hold the first-ever Global Conference on Tourism, Culture, and the Creative Industry in a welcoming atmosphere in November this year.
The statement was made during a visit to the headquarters of the United Nations World Tourism Organization (UNWTO) in the Spanish capital at the start of his State Visit to the country.
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President Buhari described the granting of the hosting rights as;
Further proof of Nigeria’s support for the vision of the organisation and also an affirmation of the confidence reposed in our country by your organisation.
He said the event would provide the country another chance to show off its tourism and creative industries to the rest of the world.
