President Muhammadu Buhari on Wednesday implored the Senate to approve a new loan request of $800million.
Buhari, in a letter read by Senate President Ahmad Lawan at plenary, said the loan would be utilised to scale up the National Social Safety Net Programme.
He added that the loan would be sourced from the World Bank.
He also claimed that the facility is an extension of the unconditional cash transfer being implemented by the Federal Government.
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 (FEC) 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’s had 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.
She said the government was working closely with the Presidential Transition Council and the incoming administration to execute the palliative program, which includes several considerations such as the provision of buses.
The President’s loan request contradicts an earlier position of the National Economic Council (NEC) which suspended the planned removal of subsidy on petroleum products by the end of the Buhari administration.
