Buhari wants N2.557trn supplementary budget for fuel subsidy

President Muhammadu Buhari wants the National Assembly to Approve an Additional N2.557 trillion for Petrol Subsidy in the 2022 budget.

The Senate received a request from President Buhari to amend the 2022 Appropriation Act passed by the National Assembly in December, 2021.

The request is contained in a letter read by the President of the Senate, Ahmad Lawan. 

In the letter, the President said it was important to remove all capital projects that were replicated in the 2022 Appropriation Act. 

He said 139 out of the 254 projects in the budget, totaling N13.24 billion, had been identified for deletion. 

The President, therefore, requested the National Assembly to amend the Appropriation Act to provide for Capital Expenditures in the sum of N106,161,499,052 billion; and N43,870,592,044 billion for Recurrent Expenditures.

He also requested that an additional provision for N2.557 trillion be appropriated by the National Assembly to fund petrol subsidy in the 2022 Budget Framework, which was revised to provide fully for Premium Motor Spirit (PMS) subsidy. 

He stressed the need to reinstate four capital projects totaling N1.4 billion in the Executive proposal for the Federal Ministry of Water Resources; and N22.0 billion cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already Issued Bonds.

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