The House of Representatives has approved N4 trillion for subsidy on Premium Motor Spirit (PMS) popularly known as petrol. President Muhammadu Buhari had requested for revision of the 2021 fiscal framework from the House. In forwarding the request for the revision of the Medium Term Expenditure Framework, the President requested the lawmakers to approve an additional N3.557 trillion in addition to the N442.72 billion provided in the 2022 budget for subsidy. Buhari requested the lawmakers to approve an additional ₦3.557 trillion in addition to the ₦442.72 billion provided in the 2022 budget for subsidy.
The House also approved the reduction in crude oil production quota from 1.8million barrel per day to 1.6 million barrel per day and a 73-dollar oil price benchmark. The House also approved a cut in the provision for Federally Funded upstream projects being implemented by the federal government by about N200 billion from N352.80 billion.
On Tuesday, April 5, the House of Representatives resolved to investigate the sharp increase in the price of diesel also known as AGO and cooking gas in the country. It, therefore, mandated its Committees on Petroleum Resources (Downstream) and Gas Resources to investigate the outrageous rise, with a view to ensuring that a reasonable price is fixed to alleviate the sufferings of Nigerians.
The committees were given a time frame of six weeks by the House to conclude the assignment. The motion, which led to the resolution was moved by a lawmaker from Imo state, Rep. Chike John Okafor.