The Senate has received a request from President Muhammadu Buhari to approve adjustments to the 2022 fiscal framework.
The request was contained in a letter dated 5th April, 2022, which was read during plenary by the Senate President, Ahmad Lawan.
“This Tuesday, President Buhari in the letter, explained that an adjustment to the 2022 became imperative in view of new developments in both the global and domestic economies”, the Senate President read.
According to him, the developments were occasioned by spikes in the market price of crude oil, which were a fallout of the Russian-Ukraine war.
He, therefore, requested the upper chamber to approve an increase in the oil benchmark by US$11 per barrel, from US$62 per barrel to US$73 per barrel.
The President also sought 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.
He also requested the Senate to approve an increase in the estimated provision for PMS subsidy for 2022 by N3.557 trillion, from N442.72 billion to N4.00 trillion.
President Buhari, underscored the need cut in the provision for Federally funded upstream projects being implemented by N200 billion, from N352.80 billion to N152.80 billion.
He proposed an increase in the projection for Federal Government Independent Revenue by N400 billion; and an additional provision of N182.45 billion to cater for the needs of the Nigerian Police Force.
Bashir Mayere