Fuel Subsidy: Reps Approves President Tinubu’s ₦500 Billion Request
The House of Representatives has approved the ₦500 billion requested by President Bola Tinubu for the provision of palliatives to mitigate the impact of petroleum subsidy removal on Nigerians.
The House, on Thursday, amended the 2022 Supplementary Appropriations Act to accommodate the president’s request.
Mr Tinubu had in a letter on Wednesday, asked the National Assembly to amend the 2022 Supplementary Appropriations Act by extracting ₦500 billion to provide palliatives.
The lower chamber considered the amendment bill and passed it on Thursday.
The letter did not contain the details of the palliatives to be provided.
Senate receives request
Also on Thursday, the Senate received a similar letter from Mr Tinubu asking it to grant him the permission to remove ₦500 billion from the 2022 supplementary appropriation law to fund provision of palliatives to Nigerians.
Senate President Godswill Akpabio read the letter during plenary.
The supplementary budget of ₦819, 536, 927, 815 was introduced by former President Muhammadu Buhari in 2022 for capital projects due to the impact of the floods on farmlands and road infrastructure.
The life span of the budget has since been extended till 31 December.
Mr Tinubu in the letter to the Senate noted that the removal of the ₦500 billion to fund provision of palliatives is “necessary.”
The letter reads “I write to request the approval of the Senate for the amendment of the 2022 supplementary appropriation act in accordance with the attached.
“The request has become necessary in order to among other things source the funds necessary to provide palliatives to mitigate the effects of the recent removal of fuel subsidy on Nigerians .
“The sum of ₦500 billion naira has been extracted from the 2022 supplementary appropriation act of 819, 536, 927,815 for the provision of palliatives to Nigerians to cushion the effects of fuel subsidy removal.
“While I hope that the Senate will consider this request expeditiously, please, accept Distinguished Senate President and members, the assurance of my highest considerations.”