The 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.
The report was laid by the Chairman of the Committee, Senator Olamilekan Adeola.
Accordingly, the chamber approved US$73 per barrel as proposed by President Buhari.
It also approved an Oil Production Volume of 1.600 million per day; a Petroleum Motor Spirit (PMS) subsidy of N4.00 trillion (NGN); and a cut in the provision for Federally-funded upstream projects being implemented by N200 billion from N352.80.
While approving an increase in the Federal Government Independent Revenue of N400 billion, the chamber gave its nod for an additional provision of N182.4 billion to cater for the needs of the Nigeria Police Force.
It approved debt service provision of N76.13 billion and net reductions in Statutory Transfers by N66.07 billion.
A breakdown of the net reductions is as follows: NDDC, by N13.46 billion from N102.78 billion to N89.32 billion; NEDC, by N6.30 billion from N48.08 billion to N41.78 billion; and UBEC, by N23.16 billion from N112.29 billion to N89.13 billion.
Others are Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.
The chamber also approved the fiscal deficit of N7.35 trillion.
Adeola, in his presentation, said the total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of Gross Domestic Product (GDP).
He disclosed that “the incremental deficit will be financed by new borrowings from the domestic market.”