Fuel Subsidy: House Of Reps Approves Tinubu's N500bn Palliatives
President Bola Tinubu’s N500 billion palliative fund to cushion the effect of the removal of fuel subsidy, has been approved by the House of Representatives on Thursday.
President Bola Tinubu’s N500 billion palliative fund to cushion the effect of the removal of fuel subsidy, has been approved by the House of Representatives on Thursday.
Tinubu had on Wednesday written to the House of Representatives seeking an amendment to the 2022 supplementary appropriation Act for approval of the sum of N500 billion for palliatives to cushion the effect of subsidy removal.
The House Speaker, Tajudeen Abbas, read the president’s letter during plenary.
The letter entitled “Request for the amendment of the 2022 appropriation act”, the President said the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.
“I write to request the approval of the House of Representatives for an amendment of the 2022 appropriation act in accordance with the law.
“The request has become necessary in other to source 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 the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request,” President Tinubu wrote.
The letter was swiftly given consideration by the Green Chamber, on Thursday, with all the members on the floor of the House backed the president’s request and supported the removal of fuel subsidy.
The House considered the amendment bill before passing it, giving outright support for the federal government to quickly access the fund to cushion the effect of the removal of subsidy.
The President, during his inaugural speech on 29 May, announced the immediate removal of fuel subsidy, with fuel scarcity resurfacing immediately the announcement was made.
The federal government, followed the subsidy removal announcement with the adjustment in the prices of petroleum products, next day with a liter of the Premium Motor Spirit (PMS), being sold between N488 to N555.
Following the increase and the subsidy removal, prices of goods and services went higher causing terrible economic hardship on Nigerians.
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