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FG proposes N2.5tn Supplementary budget for petrol subsidy

The President, Major General Muhammadu Buhari (retd.), on Tuesday, transmitted the 2022 Appropriation Act (Amendment) Bill to the National Assembly, seeking the approval of the federal parliament for a supplementary budget with estimates totalling N150,032,091,096.

Buhari also sought approval for another N2.557tn to extend payment for subsidy on Premium Motor Spirit, popularly called petrol.

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President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, read Buhari’s letter dated February 10, 2022, in plenary.

Buhari said 139 out of the 254 projects in the 2022 budget valued at N13.24bn had been identified, asking the lawmakers to delete them.

The President also requested the National Assembly to provide for Capital expenditures totalling N106,161,499,052 and Recurrent expenditures amounting to N43,870,592,044.

Buhari also requested that an additional provision of N2.557tn be made to fund the PMS subsidy in 2022.

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The President also asked the lawmakers to reinstate four capital projects worth N1.4bn under the Federal Ministry of Water Resources, and the N22bn cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already issued bonds.

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