Recall President Muhammadu Buhari requested on 7th April 2022 the House of Representatives to adjust the Medium Term Expenditure Framework (MTEF) to accommodate the four (4) trillion naira project for petroleum subsidy in 2022. Both the lower and upper legislative chamber has approved the request of the president after a report from its committees on finance, by approving an oil benchmark of 73 dollars per barrel and oil production output of 1.6 million daily. More so, the chamber has approved a 400 billion naira increase in federal government revenue and slashed funding for upstream projects from 352 billion naira to 200 billion naira.
The national assembly also approved 182 billion naira for the needs of the Nigeria Police Force and 76.13 billion naira for servicing domestic debts.
The Senate President revealed that there is a need for diversification of the country's economy hence the sole dependence on the oil industry, stating that slight change in the global economy bites hard on the nation.
“I also believe that until we stop the importation of refined products in Nigeria, we will never get the best out of the oil and gas industry. We should work to ensure that we produce our refined product locally,” Lawan said.
“I also think that diversification of our economy is key because we depend so much on oil and gas and the slightest issue that affects the global economy affects us seriously in our country here.”
