N2.557trn fuel subsidy: Reps begin review of 2022-2024 MTEF, FSP

RELEVANT committees in the House of Representatives are expected to commence the review of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with a view to ascertaining the actual fund required for fuel subsidy. 

The decision is coming barely three days after the House received communication from President Muhammadu Buhari for the approval of N2.557 trillion for fuel subsidy, to reduce the impacts of the recent suspension of petrol subsidy removal and the implications of some changes made by the National Assembly in the 2022 Appropriation Act. 

Chairman, House Committee on Media and Public Affairs, Honourable Benjamin Kalu, who disclosed this in Abuja during the post-weekly legislative briefing, however, noted that there is no supplementary budget before the House and, indeed, the National Assembly. 

According to him, “I must assure you the summary of that letter is not for supplementary budget. We don’t have any supplementary budget. What Mr President has asked for is for the amendment of the 2022 Appropriation Act. Such amendments receive a bracket within the budget to the tune of N150 billion. Mr President is saying based on current realities, adjust these within the budget to the tune of N150 billion. 

“Many of you have been calling me which agencies would be affected by this adjustment? The adjustment would lead to the reduction of some of the statutory transfers. And I’m talking about Niger Delta Development Commission (NDDC), North East Development Commission (NEDC), Universal Basic Education Commission (UBEC), they are going to have a little reduction and you have the Basic Healthcare Fund which will also have some reduction and then NASENI, among others. 

“And there is also the question with regards to subsidy and budget. The timing of the analysis of the ad hoc committee that has been charged with the responsibility of conducting an investigation into the call to establish the exact amount we are spending on subsidy as well as the exact amount of petrol we are consuming. The question has been something that would cause delay in the amendment of the budget. Waiting for the report of the ad hoc committee, which has about eight weeks to turn in its report, then, what would happen to the budget. 

“That is a call for the MTEF and I spoke to the chairman of the Finance Committee before I came in here and also the chairman of Appropriation. They had a meeting and I can assure you that the call for establishment of this amount that we spend on subsidies as well as petrol is a good call.” 

He, however, said based on the strategies put in place, the process would not delay the amendment. 

Kalu denied reports that President Buhari asked for the rollback of some of the N887.99 billion of projects earlier inserted in the budget by the National Assembly to accommodate the amendments. 

Honourable Kalu also disclosed that the report of the special ad hoc committee on constitution review will be laid on the floor of the House next week. 

While noting that the leadership of the committee is headed by men of no-mean legislative background, he explained that the House has “gone a step further in the constitution review that we are talking about.”

 

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