President Muhammadu Buhari has signed the 2022 Appropriation Bill of N17.126 trillion into law.

In a short ceremony at the Presidential Villa, Abuja, on Friday, Mr Buhari, accompanied by President of the Senate Ahmed Lawan and the Speaker of the House of Representatives Femi Gbajabiamila signed the budget documents.

Vice President Yemi Osinbajo, finance minister Zainab Ahmed and the president’s Special Assistant on National Assembly Matters Babajide Omoworare were also present at the signing ceremony.

The National Assembly had last week passed budget after increasing the proposal from 16.931 trillion to N17.126 trillion with an increased oil benchmark price of $62 per barrel from the suggested $57 per barrel price to reflect current value in the global oil market.

Crude oil remains Nigeria’s major earner.

The 2022 budget pegged debt service at N3.88 trillion, recurrent (non-debt) expenditure at N6.9 trillion, capital expenditure at N5.46 trillion and statutory transfer at N869.6 billion.

Nigeria’s oil production was fixed at 1.88 million barrels per day with an exchange rate of N410.15 to a dollar, inflation rate at 13percent and GDP at 4.2 per cent.

Mr Buhari, whose tenure would expire by may 2023, disclosed that the 2023 budget would be a transition budget, promised to submit the 2023-2025 medium-term expenditure framework on time.

He further said the finance minister will furnish the general public with the details of the 2022 budget.

‘‘The minister will provide the public with the details of the budget as passed by the National Assembly, and signed into law by me.” the president said.