Presidency writes House of Representatives, seeks approval of four trillion naira as Petrol Subsidy for 2022.

Written by on April 8, 2022

The Presidency has written to the House of Representatives, seeking for an increase in the provision for petrol subsidy for 2022 from 442 billion naira to 4 trillion naira.

The Speaker of the House, Femi Gbajamila, read the letter, titled; “Submission of the Revised 2022 Fiscal Framework” during plenary on Thursday.

In the letter dated April 5, President Buhari made reference to the rising market price of crude oil, which is increasing due to the Russian-Ukraine war.

According to President Buhari, the adjustments to the 2022 fiscal framework include a rise in the estimated crude oil price benchmark from 62 dollars per barrel to 73 dollars per barrel.

Kevin Madu

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