Home Business Supplementary Budget : Buhari Budgets Additional 2.557trn for Petrol Subsidy In 2022

Supplementary Budget : Buhari Budgets Additional 2.557trn for Petrol Subsidy In 2022

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President Muhammadu Buhari is asking the National Assembly to approve the sum of N2.557 trillion supplementary budget for petrol subsidy from July to December 2022 in the 2022 Budget Framework.

Buhari’s request was contained in a letter read on the floor at the commencement of Tuesday’s plenary by President of the Senate Ahmad Lawan.

In the letter, Buhari said the amendment is necessary to accommodate some issues in the country including Petroleum Subsidy which must be considered.

The President therefore requested that an additional provision for N2.557 trillion naira be appropriated by the National Assembly to fund the petrol subsidy in the 2022 Budget Framework which was revised to provide fully for the PMS subsidy.

Buhari said while N106billion provided in the Supplementary bill would be used as capital expenditure, N43.87billion would be spent on recurrent expenditures.

The government had made a U-turn on its plan to end the subsidy regime in June.

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