The Nigerian Senate has passed an amendment bill that will authorize the issuance of N819.5 Billion from the 2022 Supplementary Budget.
This development is to provide for palliatives to poor and vulnerable Nigerians, and will help cushion the effect of the recent Fuel subsidy Removal.
In a similar development, the upper legislative Chamber considered and approved President Tinubu’s request for additional Financing of $800 Million for the National safety net Programme .
Since the Fuel Subsidy Removal, there have been calls from various quarters for President Bola Tinubu to come up with ways of easing the sufferings of poor Nigerians bearing the brunt of the ripple effect of subsidy removal.
This prompted the letter President Tinubu sent to the Senate.
The first request made by President Tinubu is an amendment bill that will authorize the issuance of N819.5 Billion from the 2022 Supplementary Budget to cushion the harsh effects already felt by the fuel Subsidy removal.
President Tinubu also wants the approval of the Senate for additional Financing of $800 Million for the National safety net Programme to be sourced from the World bank.
Under the conditional cash transfer window of the programme , the Federal Government will transfer N8000 per month via digital transfer to 12million poor and low income households for a period of 6 months with a multiplier effect on about 60 million individuals.
The Senate Suspended it’s standing rule 78(1)to ensure it expressly considered Mr President’s request and pass it for immediate action.
