GUARDIAN NEWS
Senate has clarified grey areas in its recent approval of N500 billion and $800 million for the President Bola Tinubu administration. The development had left many Nigerians bewildered, fearing the new government, like its predecessor, would increase benchmark for borrowing.
The 9th National Assembly had enabled former President Muhammadu Buhari to amass a national record breaking debt burden in eight years, going even further to approve more debts in the last days of the administration. The Debt Management Office put the total national debt at N46.25 trillion, as of December 2022.
However, Senate spokesperson, Adeyemi Adaramodu, explained that lawmakers okayed the N500 billion for use as palliatives to cushion the effect of fuel subsidy removal on Nigerians. He said: “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. Definitely, that may not be enough because there are many other aspects, which the government can delve into, especially as we learnt that government has been having talks with organised labour, and I think Federal Government is going to do something in that area.
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