The Fiscal Strategy Paper (FSP) and Medium Term Expenditure Framework were approved by the House of Representatives on Thursday.

The lower chamber ordered the government to impose a cap of N1.7 trillion on the planned spending after rejecting the executive's proposal to spend N3.3 trillion on PMS subsidies.

Additionally, the lawmakers mandated that all government agencies make sure that fuel subsidy spending does not exceed a N1.7 trillion ceiling.

According to Naijacrawl, the federal government had suggested spending N18.9 billion per day on subsidies up until June 2023.

According to the MTEF proposal made by Zainab Ahmed, the Minister of Finance, the federal government will borrow more than N11 trillion to pay for the budget.

Saidu Musa, the committee's vice chairman, revealed to journalists during a briefing on Thursday that the committee had scaled back the amount it had originally planned to spend on subsidies because the government had been unable to determine the precise daily consumption.

He disclosed that the lawmakers expect the Port Harcourt refinery to be operational in a matter of months.

“The Port Harcourt refinery is coming to being—the committee of the House is also working with the executive to actually come up with the scientifically proven volume of our daily consumption—looking at those things, we decided to flatten it out,” he stated.

It would be recalled that there have been controversies over the exact quantity of PMS consumed in Nigeria daily.

Different agencies of the government have been providing different figures. However, there is an ad hoc committee investigating the daily PMS consumption in Nigeria.