N’assembly approves Buhari’s N4trn petrol subsidy request

Both chambers of the national assembly have approved the request of President Muhammadu Buhari to earmark N4 trillion for premium motor spirit (PMS) popularly known as petrol.

The lower and upper legislative chambers approved the president’s request after they considered reports from their committees on finance.

President Muhammadu Buhari had requested for revision of the 2021 fiscal framework from the House.

Buhari requested the lawmakers to approve an additional ₦3.557 trillion in addition to the ₦442.72 billion provided in the 2022 budget for subsidy.

The House also approved the reduction in crude oil production quota from 1.8million barrel per day to 1.6 million barrel per day and a 73 dollar oil price benchmark.

The lawmakers approved a cut in the provision for Federally Funded upstream projects being implemented by the federal government by about ₦200 billion from ₦352.80 billion.