House Of Reps Approve President Buhari’s N4trn Request For Petrol Subsidy

The House of Representatives on Thursday approved the N4 trillion for subsidy payment on Premium Motor Spirit (PMS) popularly known as petrol as requested by President Muhammadu Buhari.

Naija News recalls President Buhari had sent in the request as part of the revision of the 2021 fiscal framework.

The President had requested the lawmakers to approve an additional N3.557 trillion in addition to the N442.72 billion provided in the 2022 budget for subsidy.

Members of the Green Chamber also set a $73 oil price benchmark and approved the reduction in crude oil production quota from 1.8million barrels per day to 1.6 million barrels per day.

Meanwhile, the National Assembly has passed an amendment to the 2022 Appropriation Act and 2022 Fiscal Framework.

Naija News understands that the passage of the amended budget raised the deficit in the Federal Government’s budget by N965.42billion to N7.35trillion.

Recall that President Muhammadu Buhari had written to the National Assembly to call for amendments to the budget and the fiscal framework for 2022.

During Thursday’s plenary, both the Senate and the House of Representatives considered and adopted reports from their committees on the amendment bills.

Before the passage, the provision for federally-funded upstream projects being implemented was cut by N200bn from N352.80bn, while the projection for Federal Government independent revenue was raised by N400bn.

Also passed was an additional provision of N182.45bn to cater for the needs of the Nigeria Police Force as well as a provision of N76.13bn for domestic debt service, with net reductions in statutory transfers by N66.07bn.