Both chambers of the national assembly have approved the
request of President Muhammadu Buhari to earmark N4 trillion for petrol
subsidy.
The lower and upper legislative chambers approved the
president’s request after they considered reports from their committees on
finance.
The committees revised the 2022 medium term expenditure
framework (MTEF) and fiscal strategy paper (FSP) to accommodate the president’s
request.
The national assembly also approved an oil benchmark of $73
per barrel and the oil production output of 1.6 million barrels per day.
It approved an increase of the federal government revenue of
N400 billion and cut funding upstream projects from N352 billion to N200
billion.
A sum of N182 billion to cater to the needs of the Nigeria
Police Force and N76.13 billion for the servicing of domestic debts were also
approved by the national assembly.
It also approved a net reduction in statutory transfers by
N66.07 billion.
Speaking after the report was approved in the upper
legislative chamber, Senate President Ahmad Lawan said it is imperative that
the country’s economy be diversified.
Lawan said Nigeria depends too much on the oil industry,
lamenting that any change in the global economy hits the country hard.
“I also believe that until we stop the importation of
refined products in Nigeria, we will never get the best out of the oil and gas
industry. We should work to ensure that we produce our refined product
locally,” Lawan said.
“I also think that diversification of our economy is key
because we depend so much on oil and gas and the slightest issue that affects
the global economy affects us seriously in our country here.”
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