President Bola Ahmed Tinubu on Wednesday wrote a letter to the House of Representatives, requesting the approval of N500 billion to cushion the effects of fuel subsidy removal.
Essentially, the President is seeking the amendment of the 2022 supplementary appropriation act to accommodate the funds.
Speaker of the House, Hon. Tajudeen Abbas read the letter of the president’s request at Wednesday’s plenary.
Titled “Request for the amendment of the 2022 appropriation act”, the letter reads in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law.
“The request has become necessary in other to source funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria.
“The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request”.
Abbas however added that the House will consider the President’s request at plenary on Thursday.
Recall that Tinubu during his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.
Tinubu stated that funds for subsidies will be diverted to other things like public infrastructure, education, health care and jobs.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. 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, health care and jobs that will materially improve the lives of millions,” he said.