Buhari Writes The Senate And Asks For Approval Of A $800 Million Loan From The World Bank

In order to fund the National Safety Net Program, President Muhammadu Buhari has asked the Senate to accept his request for a loan facility from the World Bank in the amount of $800 million.

The president's request was detailed in a letter that Senate President Ahmad Lawan read aloud at Wednesday's plenary session. On May 29, Mr. Buhari will cede control to Bola Tinubu, the president-elect.

According to the president's letter to the Senate, the $800 million loan facility is meant to help underprivileged Nigerians and would be distributed to their homes across the nation.

According to him, the facility is an expansion of the federal government's current unrestricted cash transfer program.

When the money are approved, according to the president, they will be transferred to the designated beneficiaries' bank accounts.

Additionally, he stated that the Federal Executive Council (FEC) had authorized his request for the loan, adding that he was awaiting Senate clearance before completing the transaction.

In April, Zainab Ahmed, the minister of finance and national planning, said that as part of its subsidy palliatives efforts, the federal government would secure a $800 million World Bank loan to be distributed to around 50 million disadvantaged Nigerians, or 10 million households.

She said that the payment was made in anticipation of the scheduled withdrawal of the subsidy in June.

The debt profile of Nigeria as of December 31 increased to N46.25 trillion, or $103.1 billion, according to a recent announcement from the Debt Management Office.

The breakdown provided by the DMO revealed a rise of nearly N7 trillion from the nation's holdings in 2021.