• As Tinubu seeks $800m loan for social safety net
From Ndubuisi Orji, Abuja
House of Representatives has approved N500 billion for palliatives to cushion the effects of the fuel subsidy removal as requested by President Bola Tinubu.
The House approved the request of the President after taking the bill for alteration of the 2022 Supplementary Appropriation Act through first and second reading, Committee of Supply, and third reading.
President Tinubu, had in a letter to the speaker of the House of Representatives, Tajudeen Abbas, which was read at Wednesday’s plenary, requested the parliament to amend the 2022 supplementary Appropriation Act to make provision for N500billion palliatives for the citizens.
The leader of the House, Julius Ihonvbere, in his lead debate, prior to the passage of the 2022 Supplementary Appropriation Amendment bill, urged the House to support the amendment because of its importance to the country.
Ihonvbere noted that since the removal of fuel subsidy by the government, there have been on the government to provide some measures to cushion the effects.
Consequently, he stated that with President Tinubu’s proposal for N500billion as palliative package, “Nigerians are waiting to hear from us. They are waiting to see how we are going to handle this.”
The minority leader, Kingsley Chinda, in his contribution, said in as much as the proposed palliative is a good initiative by the government, it must be administered in such a way that it will have impact on the citizens.
Meanwhile, President Tinubu has requested the House to approve $800 million loan for the Federal Government from the World Bank to fund the National Social Safety Network Programme.
His request was contained in a letter titled: “Request for Approval of Additional Financing of the National Social Safety Network Programme by the National Assembly” and read by Abbas at Thursday’s plenary.
It noted that the facility is intended to expand coverage of the social safety net support for poor and vulnerable Nigerians.
According to the letter, “The Federal Executive Council led by President Muhammadu Buhari, approved an additional loan facility to the tune of 800 million USD to be secured from the World Bank for the National Safety Net Programme.
“Under the Conditional Cash Transfer of the programme, the Federal Government of Nigeria will transfer of N8000 per month to 12 million poor and low income households for a period of six months with a multiplier effect on about 6million Nigerians.”