Buhari Writes Senate, Requests $800m World Bank Loan

President Muhammadu Buhari has written a letter to the Senate requesting approval to take a loan of $800 million from the World Bank to curtail the effects of subsidy removal.

This 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 palliative 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.