President Muhammadu Buhari today asked the Senate to approve a new borrowing request of $800 million.
Buhari made the request in a letter read by Senate President Ahmad Lawan at Tuesday’s plenary.
The president, in the letter, explained that the loan would be used to scale up the National Social Safety Net Programme.
He said the new borrowing would be sourced from the World Bank.
The President stated that the funds, when approved, will be sent to the bank accounts of the identified beneficiaries.
He also said the Federal Executive Council has approved his request for obtaining the loan, noting that he is waiting for the approval of the Senate before going ahead with processing the loan.
The Nigerian government announced in April that it had secured an $800 million World Bank grant to support 10 million households, or 50 million vulnerable Nigerians, as part of its subsidy palliative measures.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made the announcement, noted that the loan was intended to assist with the planned removal of subsidies in June 2023
