On Thursday, the Nigerian rubber-stamped Senate led by Tinubu’s stooge Akpabio granted Bola Tinubu’s request to amend the 2022 Supplementary Act, amounting to N819 billion.
The red chamber also authorized the president to deduct N500 billion from the N819 billion in order to offer palliatives for Nigerians in need after the elimination of fuel subsidies.
According to Tinubu, the fund will give the federal government the ability to mitigate the effects of the recent elimination of subsidies for petroleum goods.
The bill’s full title is “A bill for an act to amend the 2022 Supplementary Appropriation Act to provide the extraction of funds from the Supplementary Appropriation Act for the provision of palliatives to cushion the effects of fuel subsidies.”
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In a separate official message, Tinubu pleaded with the Senate to support an 800 million-dollar borrowing request. According to him, when the legislature approves the 2023 Supplemental Budget, the federal government will be able to support it.
In the ninth National Assembly, the administration of former President Muhammadu Buhari addressed the identical request to the upper house, but the red chamber, which was commanded by former Senate President Ahmad Lawan, did not act on it.
In May, toward the end of his term as president, Buhari forwarded the official communication to the ninth Senate.
The request was accepted by the Federal Executive Council before its term ended on June 11, but the Ninth Assembly was unable to take it up.
Tinubu requested the 10th Senate approve the borrowing request in a new letter that was read aloud by Senate President Godswill Akpabio during plenary.
The loan would be utilized to expand the National Social Safety Net Program, as Tinubu noted in the letter.
He stated that the World Bank would be the source of the fresh borrowing.
“Please note that the Federal Executive Council led by President Muhammadu Buhari approved an additional loan facility to be secured from the World Bank in the amount of $800 million for the National Social Safety Net program,” the president’s letter stated in part. Attached is a copy of the Federal Executive Council’s excerpt.
“You might also want to be aware that the facility’s main goal is to increase the reach of the poor and vulnerable Nigerians’ shock-responsive safety net support. This will help them meet their fundamental necessities.
“You may also want to be aware that the Federal Government of Nigeria will transfer N8,000 per month to 12 million low-income and poor households for a period of six months under the conditional cash transfer window of the program, with a multiplier effect on roughly 60 million people.
“Digital transfers will be sent directly to beneficiaries’ accounts and mobile wallets to ensure the legitimacy of the procedure.
“It is anticipated that the initiative will increase economic activity in the unorganized sector and benefit the households of beneficiaries by enhancing their access to food, healthcare, education, and human resources.
“In light of the foregoing, I sincerely request that the Senate give its blessing to the additional loan facility of $800 million that will be obtained from the World Bank for the National Social Safety Net Program Tinubu wrote.
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Please accept my sincere thanks, as I sincerely hope that the Senate will give this submission prompt attention.
The controversial N22.7 trillion ways and means advances of the Central Bank of Nigeria were taken into consideration while the N819 billion Supplementary Budget was being discussed, according to Senator Solomon Adeola, chairman of the Senate Committee on Appropriations.
“I want my coworkers to understand what we are doing here,” Adeola remarked. Two budgets, the primary budget and the supplementary budget, were approved in 2023.
“According to the main budget, it is still ongoing. The Senate’s assessment of ways and means resulted in the passage of the supplementary budget, which totaled N819 billion.
“While the 2023 budget was still being finalized, previous President Muhammadu Buhari signed it into law. The supplemental budget hadn’t yet been put into action.
“At this point, everyone is aware of the current events and reforms being implemented by the new administration, including the removal of subsidies and some other economic measures.
There is no denying that Nigerians are facing difficult circumstances right now, which the current Tinubu administration needs to address immediately. Some of these palliatives will be covered by an amendment to the $819 billion extra budget.
As a result, Tinubu went to the paperwork and rearranged it, which is how the 500 billion came to be.
A closed session was called by the Senate president and lasted for roughly 30 minutes.
Akpabio offered a breakdown of the supplementary budget following the executive session. He said that N500 billion would be used for capital projects and palliative care to lessen the impact of the recent subsidy reduction. He added that N185,236,937,815 had been allocated for the Ministry of Works and Housing to help the country’s road infrastructure recover from the severe floods that occurred in 2022 across the six geopolitical zones.
According to Akpabio, the Federal Ministry of Agriculture has been granted N19,200,000,000 to help mitigate the considerable damage that was done to farmlands throughout the nation during the extreme flooding that occurred last year.
The National Judicial Council received N35 billion, and the Federal Capital Territory Administration received N10 billion for important projects.
Additionally, N70 billion was given by Tinubu to the National Assembly to support the working conditions of new members.