President Bola Ahmed Tinubu has forwarded a letter to the House of Representatives, requesting an allocation of N500 billion for a palliative program.
The proposed package aims to cushion the effects of the subsidy removal on petrol.
During Wednesday’s plenary session, Speaker Tajudeen Abbas read out the president’s letter.
In the letter, Tinubu emphasized the importance of amending the 2022 supplementary appropriation Act to enable the Federal Government (FG) to access funds from the N819.5 billion allocated for the 2022 supplementary Appropriation Act.
In his correspondence, President Tinubu stated, “I write to request the approval of the House of Representatives for an amendment of the 2022 appropriation act in accordance with the law.
“The request has become necessary in order to source funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria.”
Highlighting the urgency of the situation, President Tinubu mentioned that N500 billion had been earmarked from the 2022 appropriation act, which amounted to N819.536 billion, to facilitate the provision of palliatives.
He further urged the House to expedite the consideration of his request.
Responding to the president’s letter, Speaker Abbas assured the public that the lawmakers would give due consideration to the proposal during Thursday’s plenary session.
He recognized the concerns expressed by various labor unions, groups, and individuals who had urged the government at both federal and state levels to address the need for a palliative program to alleviate the impact of fuel subsidy removal on Nigerians.
The removal of fuel subsidy was initially announced by President Tinubu in his inaugural speech on May 29, 2023.
The decision sparked a nationwide discussion, with opinions divided on its potential benefits and repercussions.