Overview

The 2022 Appropriation Act is a Nigerian law authorizing the total sum of ₦17,126,873,917,692 from the Consolidated Revenue Fund for the fiscal year ending December 31, 2022. The appropriation is divided into Statutory Transfers (₦869,667,187,542), Debt Service (₦3,879,952,981,550), Recurrent (Non-Debt) Expenditure (₦6,909,849,788,737), and Contribution to the Development Fund for Capital Expenditure (₦5,467,403,959,863). The Act details the release of funds via warrants signed by the Minister of Finance, stipulates that funds cannot be released after the year's end, and requires all releases to be for purposes specified in the Schedule. It mandates virement only with prior National Assembly approval and allows for corrigendum to correct errors in the Schedule without altering total sums. Excess revenue from crude oil sales above the benchmark price, petroleum profit tax, and royalties must be paid into the Consolidated Revenue Fund. The Act also includes provisions for due process certification, information reporting on fund releases, internally generated revenue, and domestic/foreign assistance. Additionally, it empowers the EFCC/NFIU to utilize 10% of revenue from penalties and sanctions, and authorizes Nigerian embassies and missions to retain and utilize portions of their revenue. The Act expires on December 31, 2022.

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