Subsidy Hardship: Government Seeks N.5 Trillion For Palliatives

Subsidy Hardship

OpenLife Nigeria has gathered that more than a month after removing the subsidy on Premium Motor Spirit (PMS), a move which led to a steep hike in the prices of goods and services, President Bola Ahmed Tinubu has written to the House of Representatives 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.
Many Nigerians had argued that removing the subsidy before deciding on the palliatives to cushion the effect was tantamount to putting the cart before the horse.

Nevertheless, in a letter read on the floor of the House during Wednesday’s plenary by Speaker Tajudeen Abbas, the President said the money will be sourced from the 2022 supplementary Appropriation Act of N819. 5 billion.
The letter titled: “Request for the amendment of the 2022 Appropriation Act” read in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law.
“The request has become necessary in other to source for funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria.
“The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request.”
The Speaker said the House will consider the President’s request at plenary on Thursday and asked members who wish to make contributions to be prepared to do so’.
Nigerians have been thrown into untold hardship since the subsidy was removes and the price of petrol quadrupled across the country.
It has also led to hyper-inflation with many households unable to make ends meet.