Nigerian Government Allocates 500 Billion Naira to Mitigate Effects of Petrol Subsidy Removal

Nigerian Government Allocates 500 Billion Naira to Mitigate Effects of Petrol Subsidy Removal

…By Lola Smith for TDPel Media. The House of Representatives has swiftly made adjustments to the 2022 supplementary appropriation act in response to President Bola Tinubu’s request.

Advertisement

The lawmakers have approved sourcing 500 billion naira from the approved budget to assist Nigerians in the aftermath of the removal of petrol subsidy.

Urgent Passage of Amendments

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

The urgency was driven by the immediate need to mitigate the impacts of the subsidy removal on the Nigerian populace.

Advertisement

Call for Conscientious Use of Funds

Lawmakers emphasized the importance of President Tinubu utilizing the allocated funds conscientiously.

They urged him to ensure that the financial assistance reaches those in need and effectively alleviates the hardships caused by the subsidy removal.

President Tinubu’s Plan for the Funds

President Tinubu has outlined his plan for the allocated funds. A total of 12 million families are set to receive N8,000 each over a six-month period.

This measure aims to provide relief to the poor and vulnerable Nigerians affected by the subsidy removal.

Request for Additional Funding and Expansion of Social Safety Net Program

In a letter addressed to the House of Representatives and read out by Speaker Tajudeen Abbas, President Tinubu sought approval for additional funding for the National Social Safety Net Program.

Advertisement

This program was previously expanded by the National Assembly and is expected to positively impact approximately 60 million people.

Direct Digital Transfers for Credibility and Fairness

President Tinubu recommended that the financial aid be digitally transferred directly into beneficiaries’ accounts.

This approach ensures a credible and fair process, minimizing the risk of misappropriation and ensuring that the funds reach those who need them most.

Conclusion: Adjustments Made to Provide Petrol Subsidy Relief

The House of Representatives swiftly responded to President Tinubu’s request for financial assistance in the wake of petrol subsidy removal. With the approval of 500 billion naira from the budget, efforts are underway to provide relief to Nigerians.

President Tinubu’s plan to distribute funds to 12 million families and his call for conscientious use align with the aim of lessening the hardships caused by subsidy removal.

Advertisement

The government’s commitment to the National Social Safety Net Program and the recommendation for direct digital transfers demonstrate a proactive approach to ensure the funds reach the intended beneficiaries.

Read More On The Topic On TDPel Media