The Senate on Thursday approved President Muhammadu Buhari’s request to increase fuel subsidy payments in 2022 to four trillion naira. The legislators made the approval after considering the report of the Committee on Finance on the Revised 2022 Fiscal Framework. The Senate also approved the President’s request to raise the oil price benchmark from 62 to 73 dollar and the reduction of projected oil production volume from 1.8 to 1.6 million barrels per day.
Other recommendations of the committee adopted by the Senate include a cut in the provision for Federally Funded upstream projects being implemented by 200 from 352 billion naira and an increase in the Federal Government Independent Revenue of 400 billion naira. The upper chamber also approved an additional provision of 182.4 billion naira to cater for the needs of the Nigeria Police Force.
