President Bola Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act to allow the Federal Government to borrow an additional N500 billion for palliative to ameliorate the economic effect of subsidy removal, MUK reports.
In a letter read by Speaker Tajudeen Abass on the floor of the House during Wednesday’s plenary, the President said the money will be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.
The letter titled: “Request for the amendment of the 2022 appropriation act” partly reads : “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act by 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”.
The Speaker said the House will consider the President’s request at plenary on Thursday, asking members who will like to make contributions to the request to be prepared to do so.
