President Tinubu Seeks National Assembly’s Nod For N500 Billion For Subsidy Palliatives

By Ayodele Oni

President Bola Tinubu has written to the National Assembly seeking amendment to the 2022 supplementary appropriation Act to allow the Federal Government source N500 billion for palliative to cushion the effect of subsidy removal.

President Tinubu had, in his inauguration address, announced that the Federal Government could no longer subsidize importation of fuel, especially petrol into the country.

President Tinubu’s declaration that “subsidy is gone” is neither a new development nor an action of his new administration.

He was merely communicating the status quo, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year.

“Effectively, this means that by the end of June, the Federal Government will be without funds to continue the subsidy regime, translating to its termination.

The President also promised to re-channel the funds previously devoted to the payment of subsidies into better investments that will cushion the effects of the removal on the general public, especially the poor of the poor.

“This includes but is not limited to investments in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions of Nigerians and increase their earning potential.”

During its inaugural meeting in Abuja, Nigeria’s Economic Council, (NEC) under the chairmanship of the vice president, Kashim Shettina was directed by the president to urgently address the issue of Palliatives to cushion the hardship occasioned by subsidy withdrawal.