Reps approve Tinubu’s request for N500bn to fund palliatives

ICIR NIGERIA

THE House of Representatives on Thursday, July 13, approved President Bola Tinubu’s request to source N500 billion from the N819.5 billion 2022 supplementary budget, to fund palliatives to cushion the impact of subsidy removal on Nigerians.

The ICIR reported that Tinubu’s request titled, ‘Request for the amendment of the 2022 appropriation act,’ was read to the House of Representatives on Wednesday, July 12, by the Speaker, Tajudeen Abbas.

The House on Thursday, July 13, approved the President’s request after contributions by members who called for proper utilisation of the funds for the purpose it was meant for.

“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.

“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,” part of Tinubu’s letter read.

Reacting to the letter today, the House commended the President for taking a bold step to remove fuel subsidy.

The Leader of the House of Representatives, Julius Ihonvbare, presented the request to members for debate, pushing for its approval.

The request was approved and passed by the House.

Tinubu makes new request, seeks approval of $800m loan

Similarly, Tinubu has asked the Senate to allow his administration process the $800m loan facility from the World Bank requested by the administration of former President Muhammadu Buhari.

Senate President Godswill Akpabio, read Tinubu’s request at plenary on Thursday.

The ICIR had reported that Buhari requested the approval of the Senate to borrow $800 million from the World Bank to help alleviate the negative impacts of fuel subsidy removal.

However, the request was referred to the Senate Committee on Local and Foreign Debt by the former Senate President Ahmed Lawal, but the committee did not report to the Senate till Buhari’s tenure ended on May 29.