President Muhammadu Buhari has sent a letter to the Senate seeking approval to take a loan of $800 million from the World Bank to cushion the effects of subsidy removal.
Recall that in April, the Federal Government announced that as part of its subsidy palliative measures, it has received an $800 million World Bank grant targeting 50 million vulnerable Nigerians or 10 million households.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, who disclosed this, said the disbursement of the grant is in light of the planned subsidy removal in June 2023.
Ahmed added 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.