The Senate, yesterday, passed the 2023-2025 Medium Term Expenditure Frame Work and Fiscal Strategy Paper, MTEF /FSP.
The approval was sequel to the consideration of the Senator Olamilekan Adeola, All Progressives Congress, APC, Lagos West-led Senate Committee on Finance.
Senators were, however, divided over one of the recommendations of the committee that suggested that the cost of subsidy be capped at N1.7. Trillion, which is less than the N3.6 Trillion initially proposed by the executive.
During the consideration of the report, the Senate kicked against move by its Committee on Finance to reduce N3.6trllion proposed for subsidy in the 2023 budget by the executive to N1.7trillion.
President Muhammadu Buhari had in the 2023 – 2025 MTEF /FSP proposed N3.6trillion for fuel subsidy from January to June in 2023, just as the Senate Committee in its report on the proposals presented for consideration by the Senate, recommended N1.7trillion for fuel subsidy for the entire 2023 which was however rejected by sustaining the earlier proposed N3.6trillion earmarked for subsidy.[Vanguard]
