President Bola Ahmed Tinubu is seeking approval from the National Assembly to dole out N500billion as palliatives for Subsidy removal to Nigerians.
The president seek amendment to the 2022 supplementary appropriation Act to allow the Federal Government source N500 billion for palliative to cushion the effect of subsidy removal.
President Tinubu had during his inauguration announced the end of subsidy regime in the country, a development that is inflicting hardships on many Nigerians.
However, in a letter read on the floor of the House during Wednesdays plenary by Speaker Tajudeen Abbas on Wednesday, Tinubu stated that the sum N500 billion has been extracted from the 2022 appropriation act.
The president said the money will be sourced from the 2022 supplementary Appropriation Act of N819.5 billion. The letter titled: “Request for the amendment of the 2022 appropriation act” reads in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law.
The request has become necessary in other to source for funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria.”
“The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for tht provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request”.
The Speaker said the House will consider the President’s request at plenary on Thursday and asked members will to make contribution to be prepared to do so’’.