Buhari Seeks Senate’s Approval to Get $800m World Bank Loan for Poor Nigerians

May 10, 2023
Approve World Bank loan

By Aduragbemi Omiyale

President Muhammadu Buhari has sought the approval of the Senate to take an $800 million loan from the World Bank to disburse to vulnerable Nigerians.

The credit facility is expected to be paid into the bank accounts of some poor Nigerians identified by the government under its social investment programme aimed to assist citizens who are unable to get good jobs to fend for themselves.

Recall that recently, it was reported that the World Bank was willing to give the federal government $800 million as a palliative for the removal of the petrol subsidy.

In a letter to the upper chamber of the National Assembly, Mr Buhari said the World Bank loan would be used to fund the government’s National Safety Net Programme.

The Senate President, Mr Ahmad Lawan, while reading the letter from the number one citizen of the country to his colleagues during plenary on Wednesday, disclosed that the money would be used to support poor Nigerians, who might be affected by the fuel subsidy removal expected to begin in July.

According to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, the government intends to stop the payment of subsidy on the premium motor spirit (PMS), otherwise known as petrol, by the end of next month.

The loan from the World Bank would be given to about 50 million vulnerable Nigerians or 10 million households as part of its subsidy palliatives measures.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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