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Economy

REPS APPROVE ₦4TN FOR PETROL SUBSIDY

The National Assembly has approved the request of President Muhammadu Buhari to earmark ₦4 trillion for petrol subsidy.

The amendment on the subsidy from ₦3.557tn to ₦4tn was approved on Thursday during plenary by the lower and upper legislative chambers following the President’s request as they considered reports from their committees on finance.

The National Assembly also approved an oil benchmark of $73 per barrel and an oil production output of 1.6 million barrels per day.

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An increase in the federal government revenue of ₦400 billion and cut funding upstream projects from ₦352 billion to ₦200 billion were equally approved.

A sum of ₦182 billion to cater to the needs of the Nigeria Police Force and ₦76.13 billion for the servicing of domestic debts were also approved by the National Assembly, as well as a net reduction in statutory transfers by ₦66.07 billion.

The statutory transfers’ adjustments were as follows: NDDC by ₦13.46bn, from ₦102.78bn to ₦89.32bn; NEDC by ₦6.30bn, from ₦48.08bn to ₦41.78bn; UBEC by ₦23.16bn, from ₦112.29bn to ₦89.13bn; Basic Health Care Fund by ₦11.58bn, from ₦56.14bn to ₦44.56bn; and NASENI by ₦11.58bn, from ₦56.14bn to ₦44.56bn.

The President had written to the National Assembly to call for amendments to the budget and the fiscal framework for 2022.

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