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HomeTop NewsNigeria's parliament approves Buhari's N4 bln fuel subsidy budget

Nigeria’s parliament approves Buhari’s N4 bln fuel subsidy budget

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The National Assembly on Thursday approved the request of President Muhammadu Buhari to spend a total of N4 trillion on petrol subsidy in this fiscal year.

Both chambers of the parliament approved the president’s request after they considered reports from their committees on finance.

The committees revised the 2022 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) to accommodate the president’s request.

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

The Parliament also approved an increase of the federal government revenue of N400 billion and cut funding for upstream projects from N352 billion to N200 billion.

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A sum of N182 billion to cater to the needs of the Nigeria Police Force and N76.13 billion for the servicing of domestic debts were also approved by the national assembly.

It also approved a net reduction in statutory transfers by N66.07 billion.

Senate President Ahmad Lawan said it is imperative that the country’s economy be diversified.

Lawan said Nigeria depends too much on the oil industry, lamenting that any change in the global economy hits the country hard.

“I also believe that until we stop the importation of refined products in Nigeria, we will never get the best out of the oil and gas industry. We should work to ensure that we produce our refined product locally,” Lawan said.

“I also think that diversification of our economy is key because we depend so much on oil and gas and the slightest issue that affects the global economy affects us seriously in our country here.”

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