Nigerian President Seeks $2.4 Billion to Cushion Subsidy Removal

Nigerian President, Bola Tinubu has written to the House of Representatives seeking an amendment to the 2022 supplementary appropriation Act. The amendment, he said, would allow the Federal Government to source 500 billion naira ($2.4 billion) for palliatives to cushion the effect of subsidy removal.

The speaker of the House of Representatives, Tajudeen Abbas, read the president’s letter during plenary on Wednesday. Tinubu said the money would be sourced from the 2022 supplementary Appropriation Act of 819.5 billion naira ($3.7 billion).

The speaker said the lawmakers would consider President Tinubu’s request at plenary on Thursday.

The removal of fuel subsidies has been a major source of contention in Nigeria, with many people concerned about the impact it will have on the cost of living. The government has said that the removal is necessary to save money and improve the country’s finances.

It is unclear whether the lawmakers will approve Mr. Tinubu’s request. However, the request is a sign that the government is aware of the concerns about the removal of fuel subsidies and is trying to find ways to mitigate the impact.

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