The Senate, yesterday, received a request from President Muhammadu Buhari to approve adjustments to the 2022 fiscal framework. The request was contained in a letter dated April 5, 2022. The letter was read during plenary by the Senate President, Ahmad Lawan.
Buhari, in the letter, 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 fallout of the Russian-Ukraine war.
“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…
Source: Guardian Newspaper
