*President Muhammadu Buhari says ‘there have been new developments both in the global economy as well as in the domestic economy, which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 Budget was based’

Isola Moses | ConsumerConnect

The recent adjustments to the 2022 fiscal framework have included an increase in the estimated crude oil price benchmark from $62 per barrel to $73 per barrel in the international oil market.

ConsumerConnect reports President Muhammadu Buhari disclosed this development in his letter to the National Assembly (NASS), in Abuja, FCT, seeking an increase in the provision for petrol subsidy for 2022 from N442 billion to N4 trillion.

The President specifically wrote a letter dated April 5, 2022, to the House of Representatives for a review of the 2022 fiscal framework in this regard.

Rt. Hon. Femi Gbajabiamila, Speaker of the House of Representatives, read Buhari’s letter  titled: “Submission of the Revised 2022 Fiscal Framework”, during the House plenary  Thursday, April 7.

In the letter, the Nigerian President cited the rising market price of crude oil heightened by the Russian-Ukraine war.

Buhari stated: “As you are aware, there have been new developments both in the global economy as well as in the domestic economy which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 Budget was based.”

“These developments include spikes in the market price of crude oil, aggravated by the Russian-Ukraine war, significantly lower oil production volume due principally to production shut-ins as a result of massive theft of crude oil between the production platforms and the terminals.”

The adjustments to the 2022 fiscal framework include a rise in the estimated crude oil price benchmark from $62 per barrel to $73 per barrel, said he.

The President’s letter also stated: “A reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day.”