House of Representatives Approves 500 Billion Naira for Nigerians After Petrol Subsidy Removal

House of Representatives Approves 500 Billion Naira for Nigerians After Petrol Subsidy Removal

…By Lola Smith for TDPel Media. The House of Representatives swiftly responded to President Bola Tinubu’s request by making adjustments to the 2022 supplementary appropriation act.

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This was done to accommodate the need for financial assistance to Nigerians following the removal of petrol subsidies.

The lawmakers approved the sourcing of 500 billion naira from the budget for this purpose.

Approval for Financial Assistance:

Within a day of the president’s request, the House of Representatives passed the 2nd and 3rd readings of the amended act.

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The urgency was driven by the immediate need to alleviate the impacts of the subsidy removal.

The legislators emphasized the importance of President Tinubu using the funds conscientiously to maximize their impact.

President Tinubu’s Plan:

President Tinubu outlined his plans for the allocated funds in a letter to the House of Representatives, which was read out by Speaker Tajudeen Abbas.

His proposal involves providing financial aid to 12 million families over a period of six months.

The aim of this measure is to mitigate the hardships caused by the subsidy removal.

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The president described this assistance as essential for poor and vulnerable Nigerians to meet their basic needs.

Additional Funding for National Social Safety Net Program:

President Tinubu requested the approval of additional funding for the National Social Safety Net Program in his letter.

This program had previously been expanded by the National Assembly.

The president estimated that this measure could positively impact around 60 million people, further emphasizing the importance of supporting those in need.

Direct Digital Transfers to Beneficiaries:

To ensure a credible and fair process, President Tinubu recommended that the financial assistance be delivered through digital transfers directly into the beneficiaries’ accounts.

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This approach would streamline the distribution of funds and minimize potential inefficiencies or mismanagement.

Conclusion:

The House of Representatives promptly adjusted the 2022 supplementary appropriation act to address President Tinubu’s request for financial assistance following the removal of petrol subsidies.

The approved allocation of 500 billion naira demonstrates the government’s commitment to supporting Nigerians during this challenging period.

President Tinubu’s plan to provide aid to millions of families, coupled with his emphasis on the responsible use of funds, underscores the intention to alleviate hardships and ensure the assistance reaches those who need it the most.

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