The Senate on Thursday approved President Muhammadu Buhari’s request to increase fuel subsidy payments in 2022 to N4 trillion from N442.72 billion. 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 and the reduction of projected oil production volume from 1.883 million 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 N200 billion from N352.80 and an increase in the Federal Government Independent Revenue of N400 billion.
The Senate also approved an additional provision of N182.45 billion to cater for the needs of the Nigeria Police Force.