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Buhari proposes N2.557trn supplementary budget for fuel subsidy

Posted by about 3 months ago
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President Muhammadu Buhari wants National Assembly to Approve Additional N2.557trn for Petrol Subsidy in the 2022 budget

The Senate received a request from President Muhammadu Buhari to amend the 2022 Appropriation Act passed by the National Assembly in December 2021.

The request is contained in a letter, read by the President of the Senate, Ahmad Lawan. 

President Buhari in the letter said it was important to remove all capital projects that were replicated in the 2022 Appropriation Act. 

He said that 139 out of the 254 projects in the budget totaling N13.24 billion had been identified for deletion. 

Buhari, therefore, requested the National Assembly to amend the Appropriation Act to provide for Capital Expenditures in the sum of N106,161,499,052 billion naira; and N43,870,592,044 billion naira for Recurrent Expenditures.

The President also requested that an additional provision for N2.557 trillion naira be appropriated by the National Assembly to fund the petrol subsidy in the 2022 Budget Framework which was revised to provide fully for Premium Motor Spirit ,PMS, subsidy. 

He stressed the need to reinstate four capital projects totaling N1.4 billion in the Executive proposal for the Federal Ministry of Water Resources; and N22.0 billion cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already Issued Bonds.

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