Senate approves N500 billion for palliatives to cushion effects of fuel subsidy removal…..also approves $800m loan for FG

By Haruna Salami

The Senate on Thursday approved President Bola Tinubu’s request for N500 billion to provide palliatives to cushion the effects of fuel subsidy removal.

Senate Leader, Opeyemi Bamidele presented “Report of A Bill for an Act to amend the 2022 Supplementary Appropriation Act to provide for the extraction of fund from the Supplementary Appropriation Act for the provision of palliatives to cushion the effects of the removal of fuel subsidy and for related matters, 2023”.

In another development the Senate also approved President Tinubu’s request for $800 million to be sourced from the World Bank for the Social Safety Net Programme.

The Senate Leader, Opeyemi Bamidele moved the motion for the approval, seconded by Senator Simon Mwadkwon, the Minority Leader.

When the Senate President Godswill Akpabio put it to voice vote, “the ayes have it”.

Leading the debate on the 2022 Appropriation Act Amendment Bill, Bamidele said the “request has become necessary in order to, among other things, source the funds necessary to provide palliatives to mitigate the effect of the recent removal of fuel subsidy on Nigerians.

The summary of the amendment:
N500 billion for palliatives and other capital expenditure to cushion the effect of recent subsidy removal policy.

N185,236,937,815 to Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the 6 geopolitical zones.

N19,200,000,000 to Federal Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the severe flooding experienced last year.

N35 billion to National Judicial Council

N10 billion to Federal Capital Territory Administration for critical projects

N70 billion to National Assembly to support the working conditions of new members”.