By Michael Agbaji
Senate on Thursday approved the request by president Bola Tinubu to cushion the effect of fuel subsidy removal suffering by Nigerian.
In letter sent to the Senate read by the Senate President, Godswill Akpabio, at plenary on Thursday says the Federal Government of Nigeria will transfer the sum of N8,000 a month to 12 million poor and low income households for a period of six months with a multiplier effect on about 60 million individuals. In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries accounts and mobile wallets .
Senate Majority Leader, Bamidele Opeyemi leading debate said the bill seeks to amend the 2022 Supplementary Appropriation Act, to authorise issuance of N500 billion for the provision of palliatives to Nigerians, to cushion effect of fuel subsidy removal.
Also speaking Deputy Senate President, Barau Jubril, further gives insight on the bill, said the 2022 supplementary budget was passed and assented to by the administration of former president Buhari.
President Bola Tinubu has unveiled plans by his administration to transfer N8,000 to 12 million poor and vulnerable households for a period of six months to cushion the effect of fuel subsidy removal.
According to him, the disbursement of the loan is to expand coverage of shock responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs.
“It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.
Speaking to press after the plenary,Senate spoken person Sen.Adeyemi Adaramodu says,10th Senate will work with executive to ensure Nigerian will not surfer as a result of removal of oil subsidy.
He further says Senate will supervise how the loan and palliative will be spend to accommodate all.
