President Muhammadu Buhari has asked the Senate to approve his request to receive an $800 million Loan credit from the World Bank to fund the National Safety Net Programme. Senate President Ahmad Lawan submitted the President’s request in a letter during the plenary session on Wednesday.
Buhari stated that they are implementing the $800 million loan facility for low-income families in the country as an extension of the federal government’s unconditional cash transfer program. The President said they would send the approved funds to the bank accounts of the identified beneficiaries. He also informed me that he had obtained the approval of the Federal Executive Council (FEC) for the loan and is awaiting the Senate’s consent before processing.
In April, the Minister of Finance and National Planning, Zainab Ahmed, announced that the federal government would secure an $800 million World Bank loan to disburse approximately 50 million vulnerable Nigerians or 10 million households to support its subsidy palliative measures.
They anticipate disbursing the funds for the planned subsidy removal in June.
The Debt Management Office reported that as of 31 December, Nigeria’s debt profile increased to N46.25 trillion ($103.1 billion).
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