The House of Representatives on Thursday has approved President Bola Tinubu’s request to amend the 2022 Supplementary Appropriation Act to extract N500 billion from the budget to provide palliatives to cushion the effect of subsidy removal.
The house passed an amendment to the Supplementary Appropriation Act, 2022.
The amendment to the Supplementary Appropriation Act, 2022, passed first, second and third readings during plenary.
On Wednesday, DAILY GIST reported that the president seek amendment to the 2022 supplementary appropriation Act to allow the Federal Government source N500 billion for palliative to cushion the effect of subsidy removal.
In a letter read on the floor of the House by Speaker Tajudeen Abbas, Tinubu stated that the sum N500 billion has been extracted from the 2022 appropriation act.
The president said the money will be sourced from the 2022 supplementary Appropriation Act of N819. 5 billion.
Tinubu rolled out a plan to pay N8,000 over a period of six months to 12 million families to cushion the hardships inflicted on Nigerians as a result of subsidy removal.
He said this would have a multiplier effect on about 60 million individuals.
In order to guarantee the credibility of the process, he said digital transfers would be made directly to beneficiaries accounts.
More details to follow…