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HOR Approves Buhari’s Request Of N4 Trillion Fuel Subsidy



The House of Representatives has on Thursday approved President Muhammadu Buhari N4 trillion request for subsidy on Premium Motor Spirit popularly known as petrol.

The House, while revising the 2021 fiscal framework approved the request.

In forwarding the request for the revision of the Medium Term Expenditure Framework, 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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Also, the reduction in crude oil production quota from 1.8million barrel per day to 1.6 million barrel per day and a 73 dollar oil price benchmark was approved by the reps.

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

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