SENATE will today, Thursday, pass the revised 2022 fiscal framework before adjourning on the Easter break. The hint was given by the Senate President, Ahmad Lawan, after the report of the Committee on Finance was stepped down today for consideration.
The Senate Leader, Yahaya Abdullahi, who moved a motion for the report to be stepped down, explained that its deferred consideration till tomorrow, Thursday, April 14, 2022, would allow lawmakers to make their inputs.
President Buhari, in the letter dated 5th April, 2022, requested the Senate to adjust the 2022 fiscal framework. He said doing so became necessary in view of new developments in both the global and domestic economies. According to him, the developments were occasioned by spikes in the market price of crude oil, which were 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 asked the chamber 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 for a 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.