Victor EzejaNigeria’s President, Bola Ahmed Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation act to allow the Federal Government raise N500 billion for palliatives to cushion the effect of the removal of subsidy on petrol.
This was disclosed in a letter sent to the House of Representatives.
READ ALSO: World Bank: Fuel Subsidy Removal To Reduce Money Supply In Nigeria, Raise Inflation Rate
According to the letter titled ‘Request for the amendment of the 2022 appropriation act’, read during plenary on Wednesday by Speaker of the House of Representatives, Hon. Tajudeen Abbas, Tinubu explained that the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.
The letter read: “I write to request the approval of the House of Representatives for the amendment of the 2022 supplementary appropriation act in accordance with the law.
“The request has become necessary in other to among other things source for funds necessary to provide palliatives to mitigate the effect of the recent removal of fuel subsidy on Nigerians.
“Thus the sum of N500 billion only has been extracted from the 2022 supplementary appropriation act of N819.536 billion for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I hope that the House of Representatives will consider the request.”
The Speaker said the House will consider the request at the plenary on Thursday, 13 July
Recall that President Tinubu had during his inaugural address, announced that payment of subsidies on Premium Motor Spirit (PMS) was over. According to him, the subsidy payments have become a heavy financial burden on the government and needed to stop.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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