Senate approves additional N3.55 trillion for petrol subsidy
It also approved a revised budget of N17,319,704,091,019 trillion for the 2022 fiscal year.
The approval came with the passage of a bill to amend the
2022 Appropriations Act transmitted to the National Assembly on February 10,
2022, by President Muhammadu Buhari for consideration.The Senate, in December,
2021, passed a budget of N17,126,873,917,692 trillion.
The revised sum of N17.3 trillion, in contrast with the 2022 budget of 17.13 trillion passed last year, represents a N193 billion naira increase.
The passage of the Appropriations Act, 2022 (Amendment)
Bill, Thursday, followed the consideration of a report by the Committee on
Appropriations.
Out of the total sum of N17,319,704,091,019 trillion naira
passed, N817,699,410,210 billion is for Statutory Transfers; N3,978,087,110,437
trillion for Debt Service; N7,108,621,131,849 trillion for Recurrent (Non-Debt
Expenditure); and N5,415,296,438,523 trillion for Contribution to the
Development Fund for Capital Expenditure.
Also, the Senate approved the total sum of 3.55 trillion for
PMS subsidy in 2022, forwarded in two separate requests by the President to the
National Assembly for approval.
The President, in a letter to the Legislature dated February 10, 2022, sought an additional N2.557 trillion to fund subsidy payments
from July to December 2022.
He disclosed that 138 of the 254 projects in the budget
totalling N13.24 billion had been identified for deletion.
The National Assembly in December 2021, had approved the
sum of N442.7 billion for subsidy in the 2022 budget for the period of January
to June this year.
Buhari, however, anchored his fresh request on the fact that
PMS subsidy was not duly appropriated for in the national budget beyond June.
According to him, the development was as a result of the
provisions of the Petroleum Industry Act which stops all such payments past the
given June deadline.
In another letter dated 12th April, 2022, President Buhari
requested the National Assembly to approve an additional N1 trillion to his
earlier N2.557 subsidy request to bring the total amount on payments to N4
trillion for the year 2022.
He explained that the additional request was against the
backdrop of adjustments to the 2022 fiscal framework which became imperative
due to market developments occasioned by the spike in crude prices, following
the Russian-Ukrainian war.
The chamber, accordingly, approved the President’s request
for an additional N3.557 trillion for PMS subsidy with the passage of the 2022
Appropriations Act (Amendment) Bill, Thursday.
It also approved N192.52 billion aggregate increase sought
by the executive, and an additional provision of N182.45 billion to cater for
the needs of the Nigerian Police Force to enhance their morale.
The Senate, after passing the 2022 Appropriations Act (Amendment) Bill, adjourned till the 26th of April, 2021.
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