The House of Representatives has refused to tow the path of the Senate on fuel subsidy, putting a cap of N1.7 trillion in the 2023 budget as against the N3.6 trillion approved by the Senate.
The House said capping the cost of petroleum subsidy at N1.7 trillion in 2023 would enable the federal government to save 737.3 billion naira which it said should be used to reduce the fiscal deficit of N11.3 trillion to N10.563 Trillion.
It also approved new borrowings of N8.437 trillion including foreign and domestic borrowing, subject to the provision of details of the borrowing plan to the National Assembly.
The approvals are at variance with the Senate’s approval of N3.6trn for subsidy as originally proposed by President Buhari.
