Reps Approve President Buhari’s N4trn Request For Petrol Subsidy

The House of Representatives on Thursday approved the N4 trillion for subsidy payment on Premium Motor Spirit (PMS) popularly known as petrol as requested by President Muhammadu Buhari.

 President Buhari had sent in the request as part of the revision of the 2021 fiscal framework.

The President had requested the lawmakers to approve an additional N3.557 trillion in addition to the N442.72 billion provided in the 2022 budget for subsidy.

Members of the Green Chamber also set a $73 oil price benchmark and approved the reduction in crude oil production quota from 1.8million barrels per day to 1.6 million barrels per day.