- President Bola Tinubu has asked for the National Assembly’s approval to source for N500 billion palliative to cushion the effect of the fuel subsidy removal
- According to the President, the N500bn would be extracted from the 2022 supplementary appropriation act
- This was disclosed in a letter read on the floor of the plenary by the speaker of the House of Representatives, Tajudeen Abbas, on Wednesday
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President Bola Tinubu has the national assembly to amend the 2022 supplementary appropriation act so that the federal government under his watch can source N500 billion palliative to cushion the fuel subsidy removal’s effect.
This was disclosed in a letter read on the floor of the House of Representatives by the Speaker, Tajudeen Abbas, on Wednesday, July 12, The Nation reported.
President Tinubu reveals reasons for requesting for N500bn
In the letter, President Tinubu said the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.
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The letter reads in part:
“Request for the amendment of the 2022 appropriation act” reads in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law.
The president explained that the request become necessary so that his administration can source for funds to provide needed palliatives to confront the challenges emanated from the removal of the fuel subsidy recently.
Details of President Tinubu’s N500bn subsidy request
Tinubu expressed optimism that the House of Representatives will immediately consider the request for approval.
He noted that the N500bn will be extracted from the 2022 appropriation act of N819.536 for palliative provisions for Nigerians.
On his part, the speaker of the House of Representatives, Tajudeen Abbas, disclosed that the request of Mr. President would be considered during plenary on Thursday, July 13, asking members to prepare their contributions to the request.