President Bola Ahmed Tinubu has submitted a written motion to the House of Representatives to authorize the allocation of $500 billion to mitigate the effects of the fuel subsidy end.
In fact, the President insists that the 2022 amendment to the co-financing law includes the necessary measures.
During Wednesday’s plenary session, Speaker of the House Hon. Tajudeen Abbas read the Speaker’s motion letter.
According to Vanguard, the letter, titled “Proposal to Amend the Budget Act 2022,” states: “I am writing to seek approval from the House of Representatives to amend the Budget Act 2022 pursuant to the Act.”
“This application became necessary to obtain funds for the necessary corrective measures and to mitigate the effects of the recent fuel subsidy removal in Nigeria.”
N819,536 of 2022
was allocated “500 billion naira to offer interim measures to Nigerians to mitigate the effects of fuel subsidy elimination. I hope the House of Representatives will consider this motion quickly.”
Abbas also announced that the House of Representatives would consider the President’s motion during Thursday’s plenary session.
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