The House of Representatives swiftly endorsed President Bola Tinubu’s appeal for N500 billion to support the implementation of palliative measures following the removal of fuel subsidy within a time frame of less than 24 hours.
On Thursday, the request presented by the president received the House’s approval as they amended the Supplementary Budget, thereby acceding to the president’s appeal.
As a reminder, Tinubu had, in written communication on Wednesday, sought the endorsement of the N500 billion. The bill was carefully deliberated upon by the House and subsequently ratified.
During his inauguration, the president took the decisive step of eliminating the contentious petroleum subsidy system, leading to a staggering 200% surge in the retail price of PMS.
This is coming after President Bola Tinubu’s recent approach to the Senate, seeking their approval for obtaining an $800 million loan from the World Bank to bolster the Federal Government’s National Safety Net Program.
During the Thursday plenary session, the letter titled “Petition for the Authorization of Additional Funding for the National Social Safety Net Program Expansion by the National Assembly” was read aloud by Mr. Godswill Akpabio, the Senate President.
The announcement emphasizes that the former President Muhammadu Buhari-led Federal Executive Council has provided approval for an additional financial package of $800 million.
The objective is to secure this loan from the World Bank and allocate it specifically to the National Social Safety Net Program.
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