Nigeria’s House of Representatives has given accelerated approval to President Bola Tinubu’s request for N500 billion to cushion the biting effect of the removal of fuel subsidy.
Tinubu, the country’s president has seen his removal of fuel subsidy having an astronomical biting effect on the masses, with the exponential rise in prices of goods and services.
The Premium Motor Spirit (PMS), which sold at N165 automatically jumped to between N488 and N555 with Nigerians crying out over the biting effect.
The president forwarded a letter to the House of Representatives on Wednesday to give approval to the N500 billion fund to serve as palliatives to cushion the effect of the subsidy removal.
The lawmakers, during plenary on Thursday gave immediate approval of N500 billion for the Federal Government to roll out palliatives, following the removal of subsidy on Premium Motor Spirit (petrol).
Nigerians have seen prices of good and services skyrocketing due to the removal. Many have dropped their vehicles at home as they could not afford the hike the PMS.
