President Bola Ahmed Tinubu has asked the National Assembly to amend the 2022 Supplementary Appropriation Act to enable the Federal Government to source N500 billion to cushion the effects of subsidy removal.
The request is contained in a letter read on the floor of the House of Representatives by Speaker Tajudeen Abbas yesterday.
In his letter to the federal lawmakers, the President explained that the N500 billion would be sourced from the 2022 supplementary appropriation act of N819. 5 billion.
The letter titled: “Request for the amendment of the 2022 Appropriation Act” reads in part;
“The request has become necessary in order to source for 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 billion 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.”