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SENATE APPROVES BUHARI’S REQUEST TO INCREASE FUEL SUBSIDY TO N4TRN

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The Senate has 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.

The Senate also approved an additional provision of N182.45 billion to cater for the needs of the Nigeria Police Force.




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