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National assembly approves N4trn for 2022 petrol subsidy

The house of representatives (HoR) has approved N4 trillion as payment for petrol subsidy for 2022.

Technocrat Media, Abuja

The house of representatives (HoR) has approved N4 trillion as payment for petrol subsidy for 2022.

The lower chamber made the resolution on Thursday following President Muhammadu Buhari’s request for the revision of the 2022 Fiscal Framework at a plenary presided over by the Deputy Speaker, Ahmed Wase.

The house also queried the oil price benchmark of $73 per barrel and production volume of 1.6 million barrels per day.

According to The Guardian, also approved by HoR is the cut in federally funded upstream projects by N200 billion and an increase in projected Federal Government revenue by N400 billion.

Another N182.45 billion was approved for the Nigeria Police Force (NPF). Other approvals include domestic debt servicing of N76.13 billion and net reductions in statutory transfers to the tune of N66.07 billion, besides okaying the fiscal deficit of N7.35 trillion for the year.

Similarly, the Senate after the consideration of the report of its Committee on Finance, headed by Senator Olamilekan Adeola, also gave its concurrence on the resolution.

The Senate President, Ahmad Lawan while speaking during the passage urged the Federal Government to fight crude oil theft and importation of refined petroleum products to cut down expenditure.

Senator Adeola who is the committee chairman submitted that the total budget deficit “is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99 per cent of the Gross Domestic Product (GDP).”

The Senate constituted a 13-member Adhoc Committee, to investigate oil theft in the country and its impact on petroleum production and oil revenues having Senator Bassey Albert Akpan as its chair.

Other members include Senators Yusuf A. Yusuf, Solomon Olamilekan Adeola, Kabiru Gaya Muhammad Adamu Aliero, George Thompson Sekibo, and Gabriel Suswam.

The rest are Senators Kashim Shettima, Aliyu Sabi Abdullahi, Ali Ndume, Stella Oduah, Sani Musa and Ibrahim Gobir.

The panel was given one month to present its report to the chamber.

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