19 days to the end of the present administration, President Muhammadu Buhari is set to obtain a loan from the World Bank.
The loan which is pegged at N800m is to cushion the effects of subsidy removal.
President Buhari sent a letter to the Senate seeking approval for the loan.
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.
Post Views: 462
