Lawmakers approve President Tinubu’s N500bn request for fuel subsidy palliatives

*President Bola Ahmed Tinubu in his letter of request the House of Representatives for approval of N500 billion from the approved budget, stated 12 million families would get N8,000 over a period of six months to cushion the hardships being faced by Nigerians as a result of fuel subsidy removal

Alexander Davis | ConsumerConnect Members of the Nigerian House of Representatives, in the National Assembly (NASS), Thursday, July 13, 2023, in Abuja, FCT, approved President Bola Ahmed Tinubu’s request to source for N500 billion from the approved budget to provide palliatives for millions of Nigerians, following the removal of petrol subsidy.

ConsumerConnect reports President Tinubu, during his Inauguration Speech May 29, in Abuja, had announced the removal of petrol subsidy.

A Nigerian counting Naira notes at the bank’s counter 

The Federal legislators Thursday also amended the 2022 supplementary Appropriation Act.

This amendment came 24 hours after the Tinubu’s request.

It was learnt the House was speedily, taken through 2nd and 3rd reading, which the lawmakers reportedly noted was in line with the need to urgently cushion the effect of the removal of subsidy.

Meanwhile, the lawmakers have urged the President to ensure judicious use of the funds as requested for the subsidy palliatives.

Palliatives sharing formula

Tinubu, in his letter to the House of Representatives, stated that 12 million families would get N8,000 over a period of six months to ameliorate the hardships being faced by Nigerians as a result of subsidy removal.

The letter was for approval of additional financing for the national social safety net programme scaled up by the National Assembly. According to him, this would have a multiplier effect on about 60 million individuals.

Tinubu noted that digital transfers would be made directly to beneficiaries accounts in order to ensure that the process is credible and fair.