The executive’s proposal to lower the N3.6 trillion budgeted for subsidies in the 2023 budget to N1. 7 trillion was not in support by the Senate’s finance committee.
In the Medium Term Expenditure Framework and Fiscal Strategy Paper for the period of 2023 to 2025, President Muhammadu Buhari suggested allocating N3. 6 trillion for gasoline subsidies between January and June of that year.
The Senate Committee on Finance had recommended N1. 7 trillion for gasoline subsidies for the whole year of 2023 in its report on the alternatives put out for consideration by the Senate; However, the previous approaches N3.6 trillion budget for subsidies was in adoption over this idea.
The committee’s suggestion for a $73 per barrel oil price benchmark for the projected N19. 76 2023 budget was headed by committee chairman Solomon Adeola. The Senate also agreed with the committee’s recommendation to close 10 of the 63 government-owned businesses.