The purpose of this amendment is to enable the Federal Government to secure N500 billion for palliative measures aimed at mitigating the impact of subsidy removal.
The letter read out during the House’s plenary session on Wednesday by Speaker Tajudeen Abbas, stated that the funds would be obtained from the N819.5 billion allocated in the 2022 supplementary appropriation act.
The letter, titled “Request for the Amendment of the 2022 Appropriation Act,” emphasized the need for the House of Representatives approval to amend the appropriation act in accordance with the law. President Tinubu expressed the necessity of sourcing funds to provide essential palliatives in order to alleviate the consequences of the recent fuel subsidy removal in Nigeria.
Specifically, N500 billion has been allocated from the N819.536 billion stated in the 2022 appropriation act to provide relief measures for Nigerians affected by the fuel subsidy removal.
The President urged the House to promptly consider the request.
Speaker Tajudeen Abbas announced that the House would deliberate on the President’s request during the next plenary session on Thursday.
He also encouraged members to prepare their contributions for the discussion.
The announcement of President Bola Ahmed Tinubu’s request for a N500 billion loan to provide palliatives following the removal of fuel subsidies has sparked mixed reactions among the people.
Many individuals have expressed concerns and skepticism about the loan, questioning where all the money is going and expressing doubts about its effective utilization.
Critics argue that the N500 billion loan is an exorbitant amount and raises doubts about the government’s ability to manage such a substantial fund effectively.
They believe that without transparency and accountability, the money could be misappropriated or end up in the wrong hands, further exacerbating the financial challenges facing the country.
These individuals are calling for stringent measures to ensure that the funds are utilized appropriately and reach the intended beneficiaries.