THE House of Representatives has approved N4 trillion for subsidy on premium motor spirit (PMS), popularly known as petrol.
The approval was sequel to a request by President Muhammadu Buhari for revision of the 2021 fiscal framework.
While forwarding the request for the revision of the Medium Term Expenditure Framework, President Buhari requested the lawmakers to approve an additional N3.557trn to the N442.72 billion provided in the 2022 budget for subsidy.
The House also approved a cut in the provision for federally funded upstream projects being implemented by the Federal Government by about N200bn, from N352.80bn.
The approval came days after the House of Representatives kicked against fuel subsidy in the country.
The House had declared it would not continue to approve N4trn annually for fuel subsidies due to the state of the nation’s economy.
The Chairman of the ad-hoc committee investigating the state of Nigeria’s refineries, Ganiyu Johnson, had stated the position of the House, saying, “We do not want subsidy, and if we do not want subsidy, then the refineries must be working. We must find a way to make them work so we can refine them locally. It is a shame.
“So, I want to implore everybody, let us work together as Nigerians. We owe our people so that we can end the issue of subsidy. That money for subsidy can be channelled to developmental projects if the refineries are working.
“You expect the National Assembly to sit down and approve over N4trn just for subsidy, money that should be used for something else. We cannot continue.”