Buhari Writes Senate, Requests $800m World Bank Loan
In a letter to the Senate, President Buhari requested permission to borrow $800 million from the World Bank to mitigate the effects of the elimination of subsidies.
Remember that the Federal Government declared in April that it had secured a $800 million World Bank grant to help 50 million disadvantaged Nigerians, or 10 million households, as part of its subsidized palliative measures.
The grant is being disbursed in light of the anticipated withdrawal of subsidies in June 2023, according to the Minister of Finance, Budget, and National Planning, Zainab Ahmed, who made this announcement.
In order to forward the palliative program, which involves the need for buses among other things, Ahmed said that conversations are still happening with the newly constituted Presidential Transition Council (PTC) and the future administration.
