President Muhammadu Buhari is seeking approval to spend N4 trillion on petrol subsidy in 2022.
The request is contained in a letter read by Femi Gbajamila, the speaker of the house of representatives, during a plenary on Thursday.
The letter, titled “Submission of the Revised 2022 Fiscal Framework” is coming two months after the president asked for N2.557 trillion for petrol subsidy payments in 2022.
In his latest letter, President Buhari attributed the increase to the rising global price of crude oil, made worse by the Russia-Ukraine war.
He also sought an adjustment to the 2022 Medium Term Expenditure Framework (MTEF) and the 2022 Appropriation Act.
The desired adjustments include:
- An increase in the oil price benchmark from $62 per barrel to $73.
- A reduction in the projected daily oil production volume by 283,000 million barrels from 1.883 million barrels.
- An increase in the estimated provision for petrol subsidy for 2022 from N3.557 trillion to N4.00 trillion.
- A cut in the provision for federally-funded upstream projects from N352.80 billion. to N200 billion
