Nigerian Senate on Thursday 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 Olamilekan, confirmed that the total budget deficit is projected to increase by =N=965.42 billion to =N=7.35 trillion, representing 3.99% of Gross Domestic Product (GDP).
Accordingly, the Senate approved US$73 per barrel as proposed by President Buhari.
Senators who contributed to debate on the report concerning the review of the 2022 fiscal framework, blamed the country’s economic downturn on crude oil theft.
President of the Senate Ahmad Lawan, thereafter 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.
Emmanuel Ukoh
