N500Bn Subsidy Palliatives On The Way For Nigerians As Tinubu Writes Reps For Fresh Loan

President Bola Tinubu has written to the National Assembly, seeking an amendment to the 2022 supplementary appropriation Act.

Tinubu, in a letter to the House of Representatives, said the amendment was to allow the Federal Government to source N500 billion for palliatives to cushion the effect of subsidy removal on Premium Motor Spirit known as petrol.

During plenary on Wednesday, the Speaker of the House of Representatives, Tajudeen Abbas, read Tinubu’s letter, titled, ‘Request for the amendment of the 2022 appropriation act’.

According to the President, the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.

“I write to request the approval of the House of Representatives for the amendment of the 2022 supplementary appropriation act in accordance with the attached.

“The request has become necessary in other to among other things source for funds necessary to provide palliatives to mitigate the effect of the recent removal of fuel subsidy on Nigerians.

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“Thus the sum of N500 billion only has been extracted from the 2022 supplementary appropriation act of N819.536 billion for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I hope that the House of Representatives will consider the request,” the letter read.

This is coming about six weeks after Tinubu announced that the payment of subsidy on petroleum was over.