The Federal Government has made an additional provision of N2.557trillion for the funding of fuel subsidy in the 2022 Fiscal year .
The new provision as contained in a letter from President Muhammadu Buhari seeking amendment of the 2022 Appropriation Act, is to take care of subsidy from July to December 2022 which was not captured in the Appropriation Bill passed by the National Assembly and signed by President Muhammadu Buhari in December 2021 where the federal government provided the sum of N443billion for fuel subsidy from January to June 2022.
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In the amendment sought for by President Muhammadu Buhari, the federal government is expected to spend the sum N3trillion for fuel subsidy in 2022.
The amendment comes after the suspension of Petroleum Industry Act ( PIA) implementation which seeks to stop fuel subsidy funding through full deregulation of the Petroleum sector .
Editor – Oloyede Oworu
