By David Kabiyesi
The Nigerian Senate has shed more light on its decision to approve N500 billion and $800 million for the President Bola Tinubu administration despite fears that such moves would raise benchmark for borrowing.
Senate spokesperson, Adeyemi Adaramodu told journalists that lawmakers opted to endorse N500 billion for use as palliatives to cushion the effect of fuel subsidy removal on Nigerians.
“The other issue which the Senate treated was the N500 billion palliatives, which the President asked for, to cushion negative effects of fuel subsidy removal on common Nigerians. That may not be enough because there are many other aspects, which the government can delve into, especially as we learned that the government has been having talks with organized labor, and I think Federal Government is going to do something in that area.
“But in the immediate, what is the stopgap for, especially, dependent Nigerians, to lift them before other palliatives come? We feel the problems, and that is why we believe that the average Nigerian must be assisted because we are running a human-faced government. When we are running a human-faced government, everything that will be done must be targeted at Nigerians.”
“That was why we expeditiously acceded to the request of Mr. President because appropriations belong to the National Assembly. No kobo can be spent without appropriation by the National Assembly. It took us time to pass it because we have all pointers,”
The Debt Management Office put the total national debt at N46.25 trillion, as of December 2022.
