President Bola Ahmed Tinubu, on Thursday, resubmitted former President Muhammadu Buhari’s $800 loan World Bank loan request to the Senate, to cushion the effects of subsidy removal.
On May 10, 2023, just 19 days after the end of the administration of Buhari, he sent the same request to the National Assembly. The Ahmad Lawan-led Senate refused to approve the loan request before it adjourned sine die in June.
According to President Tinubu, the disbursement of the loan is expanded coverage of shock-responsive safety net supports for all vulnerable Nigerians and the cost of meeting basic needs.
In order to guarantee the credibility of the process, Tinubu said digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.
The letter read by the President of the Senate, Godswill Akpabio noted: “It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.