 The Nigerian Senate has hit the ground running with preparations to receive President Mahmoud Buhari's presentation of the 2023 Appropriation Bill on Friday. At Wednesday's plenary, the Senate considered the report by its Joint Committee on the 2023-2025 medium-term expenditure framework and fiscal strategy paper, suggesting that the cost of petroleum subsidy be capped at 1.7 trillion Naira, different from the 3.6 trillion Naira earlier proposed by the Executive. We are covered between January and beyond for the year. We are not saying that we are stopping subsidy and that from January to now we are not. Because what was contained in my earlier recommendation was contained in Scenario 2. In Scenario 1, what was provided for subsidy is 6.72 trillion. While in Scenario 2, what was contained in the subsidy, which was brought, was 3.38 trillion. However, lawmakers strongly kicked against this recommendation arguing that it was not feasible and should be reversed to the original figure. The committee recommends in Scenario 2 that we are to sustain oil subsidy from January to June. On that note, Mr. President, we need 3.6 billion to fund the subsidy. However, the committee went further to recommend 1.7, with a difference of 1.9 trillion on the component of oil subsidy. Mr. President, with this, we are going to run into crisis of where to source the sum of 1.9 trillion to fund our subsidy from January to June. We are capping our exchange rate to 437. Today, we all know that dollar is 740 or probably 50. And then this is what we are capping. And this thing will go down to the budget and budgetary process to buying into the market. It was just showing that we are building our house on a false foundation. After much debate, the Senate adopted the recommendations as amended and further recommended a comprehensive review of the waiver policy to ensure that only companies engaged in manufacturing and production are granted such waivers. This is a very serious issue. We are in a very difficult and challenging economic situation. And the parliament is supposed to provide some ways out. And some of the recommendations are very far-reaching. And I believe that we need to look at them and where we find them to be likely to be celebrous, to have positive impact on our economy and the lives of our people. We should not shy away from adopting them.