April 20, 2024 4:39 am
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Breaking News: Reps Give the Green Light to Tinubu’s Bold Move to Secure N500bn for Vital Relief Measures

The House of Representatives Approves Funds for Palliatives After Petrol Subsidy Removal

The House of Representatives has made amendments to the 2022 supplementary appropriation act and has given its approval to President Bola Tinubu’s request to allocate 500 billion naira from the approved budget. The funds will be used to provide palliatives to Nigerians in response to the removal of petrol subsidy.

The decision to amend the act and approve the request came just 24 hours after it was made by the president. The lawmakers expedited the process by taking it through the 2nd and 3rd readings, explaining that it was necessary to quickly mitigate the impact of subsidy removal. They have also urged the president to ensure that the funds are utilized judiciously as requested.

President Tinubu Announces Palliative Measures for 12 Million Nigerian Families

President Tinubu has revealed that 12 million families will receive 8,000 naira each over a six-month period as a means to alleviate the hardships faced by Nigerians due to the subsidy removal. He made this announcement in a letter read by Speaker Tajudeen Abbas during a plenary session on Tuesday.

In the letter, Tinubu requested the approval of additional financing for the national social safety net program, which has been expanded by the National Assembly. He emphasized that this support is intended to assist the poor and vulnerable population in meeting their basic needs. The president believes that this initiative will have a positive impact on approximately 60 million individuals.

To ensure transparency and fairness, Tinubu stated that digital transfers would be made directly to the beneficiaries’ accounts.

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