Lawmakers Approve N4 Trillion For Petrol Subsidy

The House of Representatives has approved the sum of N4 trillion for subsidy on Premium Motor Spirit(PMS).

The approval came following President Muhammadu Buhari’s requeat for revision of the 2021 fiscal framework.

Forwarding the Medium Term Expenditure Framework, the President asked the lawmakers to approve an additional N3.557 trillion in addition to the N442.72 billion provided in the 2022 budget for subsidy.

A reduction in crude oil production quota from 1.8million barrel per day to 1.6 million barrel per day and a 73 dollar oil price benchmark was also approved by the house.

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