…..Passes amended N819bn 2022 supplementary budget
Senate, on Thursday, approved $800million World Bank loan request by President Bola Tinubu and also passed the N819.5billion amended supplementary budget for 2022.
This is as N70billion is appropriated for the 469 federal lawmakers for improved working conditions.
Approval of the $800m World Bank loan for the federal government by the Senate, followed thorough consideration of request made to that effect by President Bola Tinubu at closed door session which lasted for about one and half hours.
President Tinubu had in the request letter read in plenary by the President of the Senate, Godswill Akpabio, said the loan would be substantially spent as intervention fund for the vulnerable in the society.
He specifically stated that N12million vulnerable Nigerians, would be placed on monthly stipend of N8,000 per month for six consecutive months as a way of cushioning the effects of subsidy removal on them.
In the amended N819.5billion 2022 supplementary budget, the Senate set aside N500billion for cushioning of effects of subsidy removal as requested for by President Tinubu.
The summary of the amendment reads: “N500 billion for palliatives and other capital expenditure to cushion the effect of recent subsidy removal policy.
“N185,236,937,815billion to Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the 6 geopolitical zones.
“N19,200,000,000billion to Federal 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, NJC and N10 billion to Federal Capital Territory Administration, FCTA, for critical projects execution while N70 billion is for the National Assembly to support the working conditions of new members.”
The N500billion appropriated for cushioning effects of subsidy removal, was accordingly domiciled in the Ministry of Finance, Budget and National Planning.
However in his explanation to journalists after plenary, the spokesman of the Senate, Senator Yemi Adaramodu (APC Ekiti South), said the N70billion appropriated for the federal lawmakers, had earlier been provided for, in the Act that is now amended.
“Aside the N500billion specifically carved out for cushioning effects of subsidy removal, other appropriations made were retained as passed by the 9th National Assembly,” he said.
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