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HomeUncategorizedReps Approve N4trn for Fuel Subsidy

Reps Approve N4trn for Fuel Subsidy

The House of Representatives 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 House also passed the sum of N182 billion as an increment for the Nigeria Police Force (NPF) salary, while it also passed N7.35 trillion budget deficit.

This followed the consideration and adoption of the report of the House Committee on Finance on the request by the President for revision of the 2022 Fiscal Framework at the plenary.

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.

The House, 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 House include a cut in the provision for federally funded upstream projects being implemented by N200 billion from N352.80 billion.

Others are 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.

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

The News Agency of Nigeria (NAN) reports that the breakdown is as follows: Niger Delta Development Commission (NDDC), by N13.46 billion from N102.78 billion to N89.32 billion

“North East Development Commission (NEDC), by N6.30 billion from N48.08 billion to N41.78 billion; and Universal Basic Education (UBEC), by N23.16 billion from N112.29 billion to N89.13 billion.

“Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and that NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.”

The House of Reps Committee Chairman, Appropriation, Rep. Aliyu Betara, said that the House acted on the President request and did some adjustment to fit his request on the budget. (NAN)



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