By George Mgbeleke
The Senate on Thursday at plenary approved the request of president Bola Ahmed Tinubu for a N500billion palliative to cushion the effect of fuel subsidy removal.
Consequently the upper chamber approved the sum after amending the 2022 supplementary Appropriation Act to accommodate N500 billion for provisions of palliatives for Nigerians, following the fuel subsidy removal by the Federal Government.
Accordingly, the President of the Senate, Godswill Akpabio, during the plenary session, read the letter on the floor of the apex legislative Assembly and thereafter amended it’s rules to consider and approved the request the same day.
President had clarified in the letter, that the request became imperative, to enable the government to provide palliatives for Nigerians to cushion the effects of the removal of fuel subsidy.
The letter reads, “I write to request for the amendment of the 2022 supplementary appropriation act. The request became necessary among others things, to source for funds to provide necessary palliatives to mitigate the effects of the removal of fuel subsidy on Nigerians.
“Thus, the sum of N500 billion only has been extracted from the 2022 supplementary appropriation act of N819 billion, 536 million, 937 thousand 803 naira only for the provisions of palliatives for Nigerians to cushion the effects of subsidy removal”, Tinubu said.
Tinubu implored the Senate to give his request “expeditious” consideration and approval to enable his administration to provide palliatives for Nigerians.
The President of the Senate, after reading the letter, referred the request to the Committee of the Whole, as substantive Committees have not been constituted.
Recall that President Tinubu had on May 29, 2023, announced the removal of fuel subsidy.
The President disclosed this in his inaugural speech as the new President of Nigeria. According to him, “Subsidy has gone, subsidy can no longer justify its ever increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,” he stated.
The breakdown of the N500 billion for palliatives and other capital expenditure to cushion the effect of recent subsidy removal policy runs as followers:
.N185,236,937,815 to Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the 6 geopolitical zones.
N19,200,000,000 to Federal Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the severe flooding experienced last year.
N35 billion to National Judicial Council
N10 billion to Federal Capital Territory Administration for critical projects
N70 billion to National Assembly to support the working conditions of new members
