President Tinubu Seeks N500 Billion for Palliatives to Cushion Fuel Subsidy Removal
The fuel subsidy removal in Nigeria has been a controversial and sensitive issue that has sparked protests and debates among the citizens. Many Nigerians are worried about the impact of the subsidy removal on the prices of goods and services, as well as their standard of living.
However, the Federal Government has assured Nigerians that it has put in place measures to mitigate the negative effects of the subsidy removal. One of these measures is to provide palliatives to Nigerians to cushion the effect of the fuel price hike.
President Bola Ahmed Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act to allow the Federal Government source N500 billion for palliative to cushion the effect of subsidy removal.
According to a letter written by President Tinubu to the National Assembly, the government intends to source N500 billion from the 2022 supplementary appropriation act of N819.5 billion for this purpose.
The letter, which was read on the floor of the House by Speaker Tajudeen Abbas on Wednesday, requested the approval of the lawmakers for an amendment of the 2022 appropriation act in accordance with the law.
The letter stated: “The request has become necessary in order 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 Speaker said the House will consider the President’s request at plenary on Thursday and asked members who want to make contributions to be prepared to do so.
The palliatives are expected to include social welfare programs, infrastructure projects, and other interventions that will benefit Nigerians and boost the economy.
The government hopes that these palliatives will ease the burden of fuel subsidy removal on Nigerians and foster public acceptance and support for the policy.
The removal of fuel subsidy has been met with widespread public anger, as it has led to a sharp increase in the price of gasoline. The government has said that the removal of subsidy is necessary to save money and to encourage investment in the oil sector.
The N500 billion that Tinubu is seeking would be used to provide relief to Nigerians who are struggling to afford the higher cost of gasoline. The money could be used to provide subsidies for public transportation, to provide cash transfers to low-income households, or to fund other programs that would help to offset the impact of the subsidy removal.
The House of Representatives is expected to consider Tinubu’s request on Thursday. It is unclear whether the House will approve the request, but it is likely to be a hotly debated issue.
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