Buhari seeks Senate approval to adjust oil benchmark, subsidy provision, others in 2022 fiscal framework

The Senate, on Tuesday at plenary received a request from President Muhammadu Buhari for the approval of the adjustments to the 2022 fiscal framework.

Some of the key highlights of the adjustments include the increase in the oil benchmark from $62 per barrel to $73 per barrel and reduction of the projected oil production volume from 1.883 million barrels per day to 1.60 million barrels per day.

The request was contained in a letter dated April 5, read at plenary by Senate President Ahmad Lawan.

Other provisions in the adjustment are approval for an increase in the estimated provision for petrol subsidy for 2022 from N442.72 billion to N4 trillion, reduction in the provision for federally funded upstream projects being implemented from N352.80 billion to N152.80 billion.