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Senate passes 2023 MTEF/FSP, kicks against N1.7tr subsidy

By Azimazi Momoh Jimoh and John Akubo, Abuja
06 October 2022   |   4:04 am
The Senate yesterday kicked against move by its Committee on Finance to reduce N3.6 trillion proposed for subsidy in the 2023 budget by the executive to N1.7 trillion.

19 INEC RECs, NUPRC Executive Commissioner confirmed
The Senate yesterday kicked against move by its Committee on Finance to reduce N3.6 trillion proposed for subsidy in the 2023 budget by the executive to N1.7 trillion.

President Muhammadu Buhari had in the 2023 – 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), proposed N3.6 trillion for fuel subsidy from January to June in 2023.

But the Senate Committee on Finance in its report on the proposals presented for consideration, recommended N1.7 trillion for fuel subsidy for the entire 2023, which was however rejected by sustaining the earlier proposed N3.6 trillion earmarked for subsidy.

The committee’s recommendation for $73 per barrel oil price benchmark for the proposed N19.76 trillion budget was approved against $70 per barrel proposed by the executive.

Many of the Senators in their submissions before the adoption of the report, expressed reservations on the N437 exchange rate to a dollar, which according to them gives over N300 difference to the about N730 to a dollar it is exchanging for at the parallel market.

Meanwhile, Senate confirmed the nomination of 19 Resident Electoral Commissioners (RECs) for the Independent National Electoral Commission (INEC). It also confirmed the nomination of Muhammad Sabo Lamido as Executive Commissioner, Finance and Accounts for the Nigerian Upstream Petroleum Regulatory Agency (NUPRA).

The confirmed RECs are: Ibrahim Abdullahi (Adamawa); Obo Effanga (Cross River); Umar Ibrahim (Taraba); Agboke Olaleke (Ogun); Samuel Egwu (Kogi); Onyeka Ugochi (Imo); Muhammed Bashir (Sokoto); Ayobami Salami (Oyo); Zango Abdul (Katsina), Queen Elizabeth Agwu (Ebonyi) and Agunndu Tersoo (Benue). 

Others are: Yomere Oritsemlebi (Delta); Yahaya Ibrahim Makarfi (Kaduna); Nura Ali (Kano); Agu Uchenna (Enugu); Ahmed Yushau Garki (FCT); Hudu Yunusa (Bauchi); Uzochukwu Chijioke (Anambra) and Mohammad Nura (Yobe). 

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