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BREAKING: Reps Approve Buhari’s Request For Petrol Subsidy, Huge Sum Revealed

  • 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 earlier sent in the request to the federal lawmakers as part of the revision of the 2021 fiscal framework
  • Meanwhile, 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

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, The Nation reports.

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 Guardian added.

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New approvals

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.

House of Reps to probe ‘outrageous rise’ in price of diesel, cooking gas

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.

More trouble for federal government as Russia sells cheap crude oil to Nigeria’s biggest customer, India

Nigeria’s oil revenue could face a serious hit, Russia is now selling more oil to India at a very cheap rate.

Financial times reports that Russian oil exports to India have quadrupled in March 2022 due to the a $25-30 a barrel discount to the official price of oil which is at $107 per barrel(Brent crude price)

Russia is now looking to sell around 15 million barrels of cheap crude oil to India this year, Business Standard reports.

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