The National Assembly, on Thursday, passed an amendment to the N819.5 billion 2022 supplementary budget, approving N70 billion to support the “working condition” of new lawmakers.
The amendment, among others, seeks to provide N500 billion palliatives to Nigerians to cushion the effects of fuel subsidy removal.
A day after President Bola Tinubu requested the adjustment, it was approved by the Senate and the House of Representatives.According to the breakdown of the N819.5 billion amended supplementary budget, N500 billion will go towards palliatives to lessen the impact of the most recent subsidy withdrawal policy. These funds will be housed in the Finance Ministry.
The specifics revealed that N185 billion will go to the Ministry of Works and Housing to lessen the effects of the country’s severe flooding in 2022 on the road infrastructure throughout the country’s six geopolitical zones. According to Daily trust.
The National Judicial Council will receive N35 billion; the Federal Capital Territory Administration will receive N10 billion for important projects; and the Ministry of Agriculture will receive N19.2 billion to help repair the extensive damage to farmlands throughout the nation caused by the severe flooding that occurred last year. The National Assembly will receive N70 billion to support the working conditions of new members.
The World Bank’s request for an 800 million dollar loan from President Tinubu was also approved by the National Assembly.
According to Daily Trust, former President Muhammadu Buhari sent the same request to the 9th Senate in May at the end of his term.
However, the request could not be considered by the 9th Assembly before its term ended on June 11.
The identical borrowing request was made by Tinubu to the 10th Senate in a letter that was read aloud by Senate President Godswill Akpabio on Thursday during plenary.
The loan would be utilised to expand the National Social Safety Net Programme, the president indicated in the letter.
“Please take note that the federal executive council headed by President Muhammadu Buhari approved an additional loan facility to be secured from the World Bank in the amount of $800 million for the National Social Safety Net programme,” writes Tinubu in his letter. The FEC extract copy is provided.
“You might also want to be aware that the facility’s main goal is to increase the reach of the poor and vulnerable Nigerians’ shock-responsive safety net support. This will help them meet their fundamental necessities.
“You may also want to be aware that the Federal Government of Nigeria will transfer the sum of N8,000 per month to 12 million poor and low income households for a period of six months under the conditional cash transfer window of the programme, with a multiplier effect on approximately 60 million people.
“Digital transfers will be sent directly to beneficiaries’ accounts and mobile wallets to ensure the legitimacy of the procedure.
“It is anticipated that the plan will increase economic activity in the unorganised sector and benefit households of beneficiaries by enhancing their access to food, healthcare, education, and human capital.
“In light of the foregoing, I sincerely request that the Senate give its blessing to the additional loan facility of $800 million that will be obtained from the World Bank for the National Social Safety Net Programme.
Please accept my sincere condolences as I sincerely hope the Senate will give this submission prompt consideration.
Khadybby (
)
