In a move to mitigate the impact of petroleum subsidy removal on Nigerians, the House of Representatives has given its approval for the allocation of N500 billion.
This fund was requested by President Bola Tinubu, who addressed the issue in a letter to the House on Wednesday. Tinubu sought an amendment to the 2022 supplementary appropriation Act in order to secure approval for the substantial sum for the provision of palliatives.
On Thursday, the green chamber deliberated on the amendment bill and subsequently passed it, signaling their endorsement of the N500 billion allocation. The funds will be drawn from the N819 billion Supplementary Appropriation Act, as stipulated in the amendment.
Recalled, Tinubu during his inaugural speech on May 29 declared that “fuel subsidy is gone” which caused an immediate surge in petrol station queues and a subsequent hike in fuel prices.
Since then, Nigerians have been grappling with the repercussions, experiencing heightened economic hardship, increased transport fares, surging inflation rates, and widespread poverty. In response to these challenges, President Tinubu assured citizens that palliative measures would be implemented to alleviate the prevailing economic difficulties.
The approval of the N500 billion palliative fund by the House of Representatives marks a significant step toward providing relief to Nigerians affected by the subsidy removal.
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