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Just In : Buhari writes Senate, seeks approval of $800m loan request

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Just In : Buhari writes Senate, seeks approval of $800m loan request

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President Muhammadu Buhari, has on Wednesday written to the Senate, asking the honorable house to approve a new loan request of $800million.

In a letter read by the President of the Senate, Senator Ahmad Lawan, President Buhari who noted that the loan would be utilized to scale up the National Social Safety Net Programme, said that the loan would be sourced from the World Bank.

 

This follows the Federal Government’s April announcement of an $800 million World Bank grant targeting 50 million vulnerable Nigerians or 10 million households, as part of its subsidy palliatives measures.

According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the disbursement of the grant is in light of the planned subsidy removal in June 2023.

Ahmed underscored that engagements are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration, to drive the palliative program, which includes the need for buses among various considerations.

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