In a letter to the Senate on Wednesday, President Muhammadu Buhari requested approval for a new $800 million loan.
President Buhari indicated that the loan would be obtained from the World Bank and utilised to expand the National Social Safety Net Programme in a letter that was read by the President of the 9th Senate, Senator Ahmad Lawan.
This request comes after the Federal Government in April announced a $800 million World Bank grant intended for 10 million households or 50 million poor Nigerians as part of its subsidised palliative measures.
Finance Minister, Zainab Ahmed, emphasized that discussions are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration to manage the palliative program, which includes considerations such as the need for buses.
This comes as the National Economic Council (NEC) recently took further action to remove petroleum product subsidies by the end of the Buhari administration.
The NEC comprises the 36 state governors, the Governor of the Central Bank of Nigeria (CBN), and other co-opted government officials.
The council determined that the time was not suitable for such action, and the finance minister announced this on April 27. The council decided to continue discussions with the next administration.
Ada Peter
