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HomeBusiness NewsNational Assembly Approves Buhari's Request For Petrol Subsidy Increase From N442Billion To...

National Assembly Approves Buhari’s Request For Petrol Subsidy Increase From N442Billion To N4Trillion

The National Assembly, have approved the earlier request tendered by President Muhammadu Buhari for the increase of fuel subsidy for 2022.
The Senate and House of Representatives approved the President’s request after considering reports from their committees on finance.

Buhari asked both chambers to approve an increase in the estimated provision for 2022 subsidy for Premium Motor Spirit (PMS), also called petrol, by N3.557 trillion, from N442.72 billion to N4 trillion.


The hint was given by the Senate President, Ahmad Lawan, after the report of the Committee on Finance was stepped down today for consideration, a statement on Wednesday signed Dr. Ezrel Tabiowo, Special Assistant (Press) to the Senate President, had said. 
 
The requests were stated in separate letters sent to the two chambers.
 
The Senate Leader, Yahaya Abdullahi, who moved a motion for the report to be stepped down, explained that its deferred consideration till Thursday, April 14, 2022, would allow lawmakers to make their inputs.
 
President Buhari had in the letter dated April 5, 2022, requested the Senate to adjust the 2022 fiscal framework.


He said doing so became necessary in view of new developments in both the global and domestic economies.


According to him, the developments were occasioned by spikes in the market price of crude oil, which were a fallout of the Russian-Ukraine war.


He, therefore, requested the upper chamber to approve an increase in the oil benchmark by US$11 per barrel, from US$62 per barrel to US$73 per barrel.


The President also sought a reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day.


President Buhari underscored the need for a cut in the provision for Federally-funded upstream projects being implemented by N200 billion, from N352.80 billion to N152.80 billion.


He proposed an increase in the projection for Nigerian Government Independent Revenue by N400 billion; and an additional provision of N182.45 billion to cater for the needs of the Nigeria Police Force.

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