The Senate has approved President Muhammadu Buhari’s request to increase fuel subsidy payments in 2022 to N4 trillion from N442.72 billion on Thursday.
The approval was made 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 the 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.
Also approved were Domestic debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion, as follows:
a. NDDC, by N13.46 billion from N102.78 billion to N89.32 billion;
b. NEDC, by N6.30 billion from N48.08 billion to N41.78 billion;
c. UBEC, by N23.16 billion from N112.29 billion to N89.13 billion;
d. Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and
e. NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.
The Fiscal Deficit of N7.35 trillion in the 2022 budget was also approved.
Subsequently, the Senate passed the 2022 Appropriation Act (Amendment) Bill.
“Congratulations for working so hard to ensure that we pass the 2022 Appropriation Act,” Senate President Ahmed Lawan said.
“The entire country is waiting for this Bill to be passed because this is the only way the government will provide services to the people of this country.
“We expect compliance with this Act when it is signed by President Muhammadu Buhari.
“Ministries, Departments and Agencies should only carry out expenditures that has been approved in the Budget.”