Home Local News PRESIDENT BUHARI SEEKS SENATE APPROVAL FOR ADJUSTMENT TO 2022 FISCAL FRAMEWORK.

PRESIDENT BUHARI SEEKS SENATE APPROVAL FOR ADJUSTMENT TO 2022 FISCAL FRAMEWORK.

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The Senate has received a request from the President Muhammadu Buhari, to approve adjustments to the 2022 fiscal framework.

Buhari, in the letter, read during plenary by the Senate President, Ahmad Lawan explained that an adjustment to the 2022 fiscal framework became imperative in view of new developments in both the global and domestic economies.

According to him, the developments were occasioned by spikes in the market price of crude oil, which were a fallout of the Russian-Ukraine war.

The President requested the upper chamber to approve an increase in the oil benchmark by US eleven dollars per barrel from sixty-two dollars per barrel, to seventy-three dollars per barrel.

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