Fuel Subsidy: House of Reps approves Tinubu’s N500bn palliatives 

The House considered the amendment bill and passed it, paving way for the federal government to quickly access the fund to cushion the effect of the removal of subsidy.

On Wednesday, House Speaker Tajudeen Abbas had read the president’s letter during plenary.

In the letter entitled “Request for the amendment of the 2022 appropriation act”, the President said the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.

“I write to request the approval of the House of Representatives for an amendment of the 2022 appropriation act in accordance with the law.

“The request has become necessary in other to source 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 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,” President Tinubu wrote.

Tinubu had on 29 May, during his inaugural speech as president, announced the immediate removal of fuel subsidy, with fuel scarcity resurfacing immediately the announcement was made.

The following day, the federal government announced adjustment in the prices of petroleum products, with a litre of the Premium Motor Spirit (PMS), being sold between N488 to N555.

Prices of goods and services have doubled since the removal of fuel subsidy, with Nigerians being impoverished.