HomeNEWSFuel Subsidy: Tinubu Writes National Assembly To Borrow N500 Billion For Palliatives

Fuel Subsidy: Tinubu Writes National Assembly To Borrow N500 Billion For Palliatives

-

In a bid to cushion the effect of the removal of subsidy on petrol, Nigeria’s President, Bola Ahmed Tinubu, has requested the National Assembly to allow the Federal Government to source N500 billion for palliatives.

This, according to the letter written to the National Assembly is in view of the amendment to the 2022 supplementary appropriation Act .

Overtnews reports that the letter was read to lawmakers of the House of Representatives by Speaker, Tajudeen Abbas.

According to the Speaker, 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 an amendment of the 2022 appropriation act in accordance with the law,” the letter reads.

“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 the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request.”

The letter according to the Speaker would be deliberated upon on Thursday, July 13, 2023 during plenary.

He urged members to be present as this is crucial.

This will be the sixth week since the announcement of the discontinuation of subsidy on petrol during his inauguration speech on May 29.

Low and middle income earners in the country have been experiencing extreme hardship in coping with the new dispensation of spending more than double on transportation. Cost of living has been negatively impacted due to the government’s decision.

While the hardship continues the presidency has defended its decision that it was necessary to save money and attract investment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Verified by MonsterInsights