By Nneka Nwogwugwu
The National Assembly has passed amendments to the 2022 Appropriation Act which raised the subsidy on Premium Motor Spirit (petrol) by N442.72bn, from N3.557tn to N4trn.
The Senate and the House of Representatives, respectively, on Thursday considered and adopted reports on the amendment bills at the plenary based on the request by President Muhammadu Buhari.
The federal parliament approved a new oil price benchmark of $73 per barrel, a new oil production volume of 1.600 million per day, and a PMS subsidy of N4trn.
Provision for federally-funded upstream projects being implemented was cut by N200bn from N352.80bn, while the projection for Federal Government independent revenue was raised by N400bn.
Source: The Punch
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