The Federal Government has proposed a N3 trillion budget to meet the funding provisions of the incremental fuel subsidy request in the 2022 Budget.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this known on Wednesday while addressing State House Correspondents after the week’s virtual Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
Ahmed also disclosed that Council had approved a proposed amendment to the 2022 Budget.
According to the Minister, only N443 billion had been provided for in the 2022 Budget meant to accommodate subsidy from January to June but taking the prevailing economic realities, both locally and globally, into consideration, Council had proposed a year-long provision for the subsidy.
She said the request was considered by the Council, which directed the ministry to approach the National Assembly for an amendment to the fiscal framework as well as the Budget.
“We also presented to Council today a request for Council’s consideration to make additional funding provisions to enable us to meet incremental fuel subsidy requests in the 2022 Budget. You’ll recall that in the 2022 Budget, as appropriated, we have made a provision of N443 billion for a subsidy for January to June.
“So, this has been considered by Council and we’ve also been asked to approach the National Assembly for an amendment to the fiscal framework as well as the Budget, to also further discuss with NNPC on how to make provisions for this and also how to rationalize this expenditure,” she said.
