On Wednesday the slash on petrol and kerosene subsidies was presented by the Minister of Finance in the Medium Term Expenditure Framework for 2015-2017.
While approving the MTEF, slashed petrol subsidy from N200 billion to N100 billion.
It also reduced the subsidy allocation of kerosene from N91.08 billion to 45.52 billion.
The kerosene is the first proposal in the last few years, after criticisms that the government spends hundreds of billions on annually without any appropration.
The chairman of the Joint Committee on Finance and National Planning: Economic Affairs and Poverty Alleviation, Ahmed Makarfi, said the reduction was due to the fall of oil prices at the International market. "The relevant committee of the National Assembly should throw oversight, ensure. The full implementation of the proposed kerosene subsidy and the availability of the product" he said.
He also added the reduction in the subsidy allocation to petrol reflected government's commitment to transparency and accountability in the entire oil and gas sector.
The Senate President, David Mark, said there was need for budget cut across the three arms of government in view of the current economic. The government. Must continue with its reform policy in order to promote the growth of the non-oil sector. He expressed delight on the expeditious passage of the MTEF, adding that "this is the kind of cooperation required to build the nation".
Also the deputy president of senate. Ike Ekweremadu, said the country must learn from wasteful spending in order to build our foreign reserve. That many countries had survived with fewer resources, adding that. "Nigeria must look away from relying on oil and spending on oil wistfully".
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