Supplementary Budget: Buhari Proposes N2.5tn For Petrol Subsidy - EDU-BIZNEWS


Tuesday, February 15, 2022

Supplementary Budget: Buhari Proposes N2.5tn For Petrol Subsidy

President Muhammadu Buhari has transmitted the 2022 Appropriation Act (Amendment) Bill of N150,032,091,096 and another N2.5trillion provision, to extend subsidy on petrol, for consideration and approval of the National Assembly  

President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila, read Buhari’s letter dated February 10, 2022,during their respective plenary on Tuesday in Abuja .

Buhari expressed concern over the inclusion of 139 out of the 254 projects in the 2022 budget valued at N13.24bn, demanding for the removal of the identified projects in the budget 

The President is also seeking the approval of the National Assembly for Capital expenditures totaling N106,161,499,052 and Recurrent expenditures amounting to N43,870,592,044.

He however asked the lawmakers to reinstate four capital projects worth N1.4bn under the Federal Ministry of Water Resources; and the N22bn cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already issued bonds. 

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