President Muhammadu Buhari has asked the National Assembly (NASS) to approve an additional N2.557 trillion to enable the Federal government finance petrol subsidy as part of the 2022 budget component.
The request is contained in a letter dated February 10, 2022, by President Buhari to the NASS, which the Senate President, Ahmad Lawan, read on the floor of the Senate during plenary on Tuesday.
Buhari sent the letter to the NASS to amend the 2022 Appropriation Act, after it had been passed in December 2021.
The President noted that it is imperative to remove all capital projects that were replicated in the 2022 Appropriation Act.
He disclosed that 139 out of the 254 projects in the budget totaling N13.24 billion had been identified for deletion.
Buhari, therefore, requested the National Assembly to amend the Appropriation Act to provide for Capital Expenditures in the sum of N106,161,499,052 billion; and N43,870,592,044 billion for Recurrent Expenditures.
Buhari requested the additional provision for N2.557 trillion to provide fully for the PMS subsidy.
He underscored the need to reinstate four capital projects totaling N1.4 billion in the Executive proposal for the Federal Ministry of Water Resources; and N22.0 billion cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already Issued Bonds.
“As I indicated at the signing of the 2022 Appropriation Act, I forward herewith the Proposals for amendment of the 2022 Appropriation Act (as detailed in Schedules I-V), for the kind consideration and approval by the Senate…”