NAIRA METRICS
President Muhammadu Buhari has written a letter to the Senate seeking its approval for the $800 million World Bank loan which is meant to help cushion the effect of petrol subsidy removal on poor and vulnerable Nigerians.
This follows the Federal Government’s earlier announcement of a World Bank’s $800 million palliatives targeted at 50 million vulnerable Nigerians or 10 million households ahead of the removal of petrol subsidy.
The request by President Buhari is contained in a letter read to the senators by the Senate President, Ahmad Lawan, during plenary on Wednesday, May 10, 2023.
President Buhari in the letter said that the funds are for the National Social Safety Net Programme, which is intended to expand coverage of shock-responsive safety net support among the poor and vulnerable Nigerians.
Additional $800 million loan for poor, vulnerable Nigerians
- The letter from President Buhari partly reads, “Please note that the Federal Executive Council approved an additional loan facility to the tune of USD800 million to be secured from the World Bank, for the National Social Safety Net Programme and the need to request for your consideration and approval to ensure early implementation.
- “The Senate may wish to note that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.
- “You may wish to note that, the Federal Government of Nigeria under the conditional
