FG Approves New N4 Trillion Fuel Subsidy As Buhari Signs Reviewed 2022 Budget

04 Jun FG Approves New N4 Trillion Fuel Subsidy As Buhari Signs Reviewed 2022 Budget

President Muhammadu Buhari has assented to the 2022 Appropriation Act (Amendment) Bill.

The Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Umar el-Yakub, said this in a statement issued on Friday.

“Today, His Excellency President Muhammadu Buhari GCFR assented to the Appropriation (Repeal and Enactment) Bill, 2022, recently passed by the National Assembly.

“This Act repeals the Appropriation Act, 2022, and enacts a new Appropriation Act, 2022, to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦17,319,704,091,019 only, of which ₦817,699,410,210 only is for Statutory Transfers, ₦3,978,087,110,437 only is for Debt Service, ₦7,108,621,131,849 only is for Recurrent (Non-Debt) Expenditure while the sum of ₦5,415,296,438,523 only is for Contribution to the Development Fund for Capital Expenditure, for the year ending on the 31st day of December, 2022.”

The National Assembly had on April 14, 2022, passed amendments to the 2022 Appropriation Act and 2022 Fiscal Framework, which raised the deficit in the Federal Government’s budget by N965.42bn, to N7.35tn; and subsidy on Premium Motor Spirit (petrol) by N442.72bn, from N3.557tn to N4tn.

The Senate and the House of Representatives, respectively, considered and adopted reports on the amendment bills at the plenary on Thursday based on the request of the President.

The federal parliament approved a new oil price benchmark of $73 per barrel, a new oil production volume of 1.600 million per day, and a PMS subsidy of N4tn.