Business
Subsidy removal: Buhari asks senate to approve $800m World Bank loan
President Muhammadu Buhari has written to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank to cushion the effects of subsidy removal.
The request follows the Federal Government’s April announcement of an $800 million World Bank grant targeting 50 million vulnerable Nigerians or 10 million households, as part of its subsidy palliatives measures.
According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the disbursement of the grant is in light of the planned subsidy removal in June 2023.
Ahmed underscored that engagements are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration, to drive the palliative program, which includes the need for buses among various considerations.