Buhari Seeks House Of Reps Approval To Increase Fuel Subsidy

President Muhammadu Buhari has written the House of Representatives to increase fuel subsidy from N442 billion to N4 trillion.

This was contained in a letter that the President forwarded to the House, and was read by the Speaker on April 07, 2022.

President Buhari also seeks a total review of the 2022 fiscal framework in the letter he dated April 05, 2022.

Entitled, ‘Submission of the Revised 2022 Fiscal Framework’, the President noted that the new development in global and domestic economies calls for evaluation of the fiscal framework.

The President also cited the rising market price of crude oil which was occasioned by the Russian-Ukraine war.

It reads in part, “As you are aware, there have been new developments both in the global economy as well as in the domestic economy which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 Budget was based.

“These developments include spikes in the market price of crude oil, aggravated by the Russian-Ukraine war, significantly lower oil production volume due principally to production shut-ins as a result of massive theft of crude oil between the production platforms and the terminals.

“A reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day,” it said.