Some Senators have stated that the National Assembly will not allow President Muhammadu Buhari (retd.) to complete the proposed subsidy removal by the end of his term in June 2023.
The lawmakers claimed that ending the policy in June would cause a major crisis for the new administration that would succeed Buhari.
According to the PUNCH, the President presented to the joint session of the National Assembly on Friday N20.51 trillion for the fiscal year 2023, stating that fuel subsidies would be phased out after the first six months of 2023.
In the 2023 Budget, the Medium Term Expenditure Framework and Fiscal Strategy Paper proposed N3.6trn for fuel subsidies from January to June.
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The Joint Senate Committee on Finance and Economic Planning, which worked on the document, reduced the N3.6 trillion subsidy proposal to N1.7 trillion, but the Senate rejected it in plenary.
However, the House of Representatives approved the committee’s recommendations, which total N1.7 trillion.
However, in presenting the 2023 budget estimates to the joint session of the two chambers of the National Assembly last Friday, Buhari proposed that the subsidy regime end on May 29, 2023, with his administration.
Some senators who spoke on the matter stated that the federal parliament would push the end date for subsidy removal to the end of 2023.
