The Nigerian Senate approved President Muhammadu Buhari’s request for adjustments to the 2022 fiscal framework. The approval followed the consideration of a report by the Senate Committee on Finance.
Chairman of the Committee, Senator Adeola Solomon, in his presentation, said that the total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of Gross Domestic Product (GDP).
Accordingly, the chamber approved US$73 per barrel as proposed by President Buhari.
Lawmakers, who took turns to make contributions during consideration of the report on the review of the 2022 fiscal framework, blamed the country’s economic downturn on crude oil theft.
The Senate President, Ahmad Lawan, in his concluding remarks, called on the Federal Government to take radical steps towards stopping the theft of crude oil by economic saboteurs.
He also called for a stop to the importation of refined petroleum products into the country, so as to cut down on expenditures incurred in the process, as well as to maximize profits from crude oil sales.
The request by President Buhari for revision of the 2022 fiscal framework was approved by the upper chamber after consideration of the report of the Finance Committee.