Approves 35 Billion For National Judicial Council
The National Assembly, on Thursday, passed an amendment to the N819.5 billion 2022 supplementary budget, approving N70 billion to support the “working condition” of new lawmakers.
The amendment, among others, seeks to provide N500 billion palliatives to Nigerians to cushion the effects of fuel subsidy removal.
The amendment was passed in both the Senate and the House of Representatives a day after President Bola Tinubu sent the request to the parliament.
The breakdown of the amended N819.5 billion supplementary budget showed that N500 billion is for palliatives to cushion the effect of recent subsidy removal policy, which will be domiciled in Finance ministry.
The detail also showed that N185 billion is for Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the six geopolitical zones.
The sum of N19.2 billion is allocated to Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the severe flooding experienced last year; N35 billion to National Judicial Council; N10 billion to Federal Capital Territory Administration for critical projects and N70 billion to National Assembly to support the working conditions of new members.
Mr Tinubu, during his inauguration on 29 May, announced the removal of fuel subsidy, a decision that saw the price of petrol jump three-fold across the country.
Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an over 200 per cent increase from the initial price below N200.
The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) had initially planned a nationwide strike to protest the removal. However, the planned strike was suspended following a parley between them and the government, with some agreements reached.
While the administration has been commended for taking swift action on petroleum subsidy, there are still concerns about the impact of the removal, especially as it relates to the increase in the price of petrol and its multiplier effect on almost every sector of the country’s economy and impoverished households.