President Muhammadu Buhari is seeking an increase in the provision for petrol subsidy for 2022 from N442 billion to N4 trillion.
Buhari cited the rising market price of crude oil heightened by the Russian-Ukraine war.
He says 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.
He added that 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 massive theft of crude oil between the production platforms and the terminals.