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UPDATE: Senate Approves Buhari’s N4trn Request For Petrol Subsidy

by Victor Ndubuisi
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President Muhammadu Buhari’s proposal for N4 trillion in subsidy payments on Premium Motor Spirit (PMS), often known as gasoline, was accepted by the Nigerian Senate.

According to Anaedoonline.ng, the Nigerian president made the proposal to the National Assembly as part of the reform of the fiscal framework for 2021.

In addition to the N442.72 billion allocated for subsidies in the 2022 budget, the President has asked legislators to approve an extra N3.557 trillion.

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After hearing findings from the Finance Committee, the Red Chamber supported the president’s proposal at plenary on Thursday.

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To accommodate the proposal, the committee changed the 2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Members of the Senate also agreed to a $73 per barrel oil benchmark and a 1.6 million barrels per day crude oil output cut.

They also agreed an N400 billion rise in federal government income and a N200 billion reduction in financing for upstream projects.

The legislators also authorized N182 billion for the Nigeria Police Force’s requirements, as well as N76.13 billion for the settlement of domestic debts.

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The Senate also approved an N66.07 billion cut in statutory transfers.

Senate President Ahmad Lawan said it is critical to diversify the country’s economy after the report was adopted by the upper legislative house.

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Lawan called for the stoppage of the importation of refined products in Nigeria and asked the country to stop its dependence on the oil industry.

Earlier, the House of Representatives had approved the N4 trillion for subsidy payment on Premium Motor Spirit (PMS) popularly known as petrol as requested by President Muhammadu Buhari.

 

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