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…moves to cushion effect of subsidy removal
President Bola Tinubu is looking at the possibility of spending a whooping N500 billion on palliatives as citizens struggle to swallow his bitter economic pills.
In a bid to reduce the heavy burden caused by the policy, he has written to the National Assembly seeking an amendment to the 2022 supplementary Appropriation Act.
The president’s letter was read on the floor of the House of Representatives by the speaker, Tajudeen Abbas, during plenary on Wednesday.
According to the letter, the amendment would allow the Federal Government to source N500 billion for palliative to cushion the effect of subsidy removal.
The letter was titled: “Request for the amendment of the 2022 appropriation act”.
Tinubu said the money would come 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 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 read.
The speaker said the lawmakers would consider Tinubu’s request at plenary on Thursday.
The President’s request is coming amid vociferous calls for measures to be put in place to ameliorate the hardship and suffering of the masses following the removal of subsidy by the president in May.
President Tinubu said fund is needed to cushion the impact of petrol subsidy removal on the citizens.