Nigeria’s President, Muhammadu Buhari, has sent a supplementary budget of 465.6 billion Naira to the National Assembly for appropriation.
The President also sought for an upward review of the initial 882.1 billion Naira borrowing in the 2015 budget to 2.103 trillion Naira to finance the budget.
Of the 465.6 billion Naira supplementary budget, a total of 413.363 billion Naira was set aside as payment of subsidy for Premium Motor Spirit (PMS) also known as petrol.
The President, in a letter addressed to Senate President, Dr. Bukola Saraki, and Speaker of the House of Representatives, Mr Yakubu Dogara, urged both chambers of the National Assembly to expeditiously treat the supplementary budget.
The supplementary budget is coming at a time that the nation is witnessing scarcity of PMS, a situation that has resulted in queues at different service stations across the oil-rich nation.
The Nigerian National Petroleum Corporation and the Pipelines and Product Marketing Company had last week said there was no cause for panic buying across Nigeria, as enough PMS had been provided to serve the nation till the end of November.
Despite this claim, vehicle users, both commercial and private, are finding it hard to get petrol.