Home NEWS House Of Reps Approves N4 Trillion As Fuel Subsidy

House Of Reps Approves N4 Trillion As Fuel Subsidy

The House of Representatives has approved four trillion naira for subsidy on Premium Motor Spirit (PMS) popularly known as petrol.

Approving the review today, April 14 before proceeding on break for the Easter, the House also okayed the reduction in daily crude oil production quota from 1.8 million barrel per day to 1.6 million barrel per day, and crude oil benchmark of $73 per barrel.

The House also approved a cut in the provision for upstream projects being implemented by the federal government by about N200 billion from the initial N352.80 billion.

President Muhammadu Buhari, had in a letter to Speaker Femi Gbajabiamila, sought a review of the 2022 fiscal framework in order to accommodate the subsidy payment.

In forwarding the request for the revision of the Medium Term Expenditure Framework (MTEF), the president requested the lawmakers to approve an additional N3.557 trillion in addition to the N442.72 billion provided in the 2022 budget for subsidy.

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The House is expected back in session on April 26, 2022.

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