NEWS

National Assembly Approves N819bn For Subsidy Palliatives, Others

Out of the total budget, N500 billion was allocated for palliatives and other capital expenditures to mitigate the impact of the recent…


By Musa Ibrahim, Abuja

The National Assembly passed a supplementary budget of N819 billion on Thursday, which includes an allocation of up to N70 billion for lawmakers. Additionally, President Bola Tinubu’s request for a $800 million loan from the World Bank was approved by the Senate. The funds for both the lawmakers and the loan will be sourced from the N819 billion Supplementary Appropriation Act of 2022.

Out of the total budget, N500 billion was allocated for palliatives and other capital expenditures to mitigate the impact of the recent removal of fuel subsidies. N70 billion was set aside to support the working conditions of the National Assembly, while N185.2 billion was designated for the Ministry of Works and Housing to address the effects of severe flooding experienced in the country in 2022.

Furthermore, N19.2 billion was allocated to the Federal Ministry of Agriculture to address the significant damage caused to farmlands nationwide during last year’s severe flooding. The National Judicial Council will receive N35 billion, and the Federal Capital Territory Administration will receive N10 billion for critical projects.

President Tinubu’s loan request, read by Senate President Godswill Akpabio during the plenary, aims to primarily serve as an intervention fund for vulnerable individuals in society. The president stated that N12 million vulnerable Nigerians would receive a monthly stipend of N8,000 per person for six consecutive months to alleviate the effects of the subsidy removal on them.

The amended N819.5 billion 2022 supplementary budget includes a provision of N500 billion to mitigate the effects of subsidy removal, as per President Tinubu’s request. Senator Yemi Adaramodu, the Senate spokesman, mentioned that the N70 billion allocated to federal lawmakers was initially included in the previous Act, which is now being amended.

He said, “ Aside from the N500bn specifically carved out for cushioning effects of subsidy removal, other appropriations made were retained as passed by the 9th National Assembly.”

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