National Assembly approves N4trn petrol subsidy payment for Buhari

The National Assembly on Thursday approved N4 trillion for fuel subsidy in the revised 2022 Medium-Term Expenditure Framework (MTEF) sent by President Muhammadu Buhari on April 7.

The Senate and the House of Representatives, respectively, considered and adopted reports on the amendment bills at their plenary sessions based on the request by President Muhammadu Buhari.

They also passed the sum of N182 billion as an increment for the Nigeria Police Force (NPF) salary, and N7.35 trillion budget deficit.

This followed the consideration and adoption of the reports of the House Committee on Finance and vice versa for the Senate, on the request by Buhari for revision of the 2022 Fiscal Framework.

Buhari in a letter had requested the review of the 2022 MTEF to make some adjustments to accommodate present realities such as oil production and price as well as suspension of the removal of fuel subsidy.

READ: Buhari wants Senate approval for N4trn to offset fuel subsidy in 2022

The National Assembly, however, approved an increase in the oil benchmark to 73 dollars per barrel and a daily oil production volume of 1.6 million barrels per day.

Other approvals by the lawmakers include a cut in the provision for federally funded upstream projects being implemented by N200 billion from N352.80 billion; an increase in the projection for Federal Government independent revenue by N400 billion and an additional provision of N182.45 billion to cater for the needs of the NPF.

They further approved a domestic debt service provision of N76.13 billion and net reductions in Statutory Transfers by N66.07 billion.