Makarfi reveals Senate approved N143bn for fuel subsidy in 2015 budget

The Chairman, Senate Committee on Finance, Senator Ahmed Makarfi, has described as untrue reports that no provision was made for fuel subsidy in the 2015 budget passed by the red chamber few days ago.
He made this clarification in Abuja on Thursday while exchanging views with journalists.
Makarfi revealed that a total sum of N100bn was provided for as subsidy for Premium Motor Spirit, otherwise known as petrol while another N43bn was approved for Dual Purpose Kerosene, DPK, for the 2015 fiscal period.

 

According to him, “There is a provision for subsidy in the budget, people need to understand where to look for an issue. If you look at the main appropriation, there is so many cost components.

“You will not see cash call in the main appropriation, you will not see subsidy in the main appropriation. There are expenses in the main memoranda items that you are not going to see in the main appropriation.
“For you to see them, you have to go through the revenue profile. In this year budget, N100bn was provided for Premium Motor Spirit, N43bn for DPK,” he said.
While admitting that the amount budgeted for this year may not be enough to subsidise petroleum products, Makarfi explained that the law allows for a request of additional funding when the need arises.

 

This window, according to him, could be used by the incoming government.
The Senate had on Tuesday passed the national budget of N4.493tr for the 2015 fiscal year, about five months after it was presented by the Minister of Finance/Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala.

 

The fiscal document, which was earlier passed by the House of Representatives last week, was N51bn higher than the N4.425tn submitted to both chambers of the National Assembly by the Federal Government.
Daily Post