Tinubu seeks Senate’s approval for $800m World Bank loan
President Bola Tinubu on Thursday asked the Senate to amend the 2022 Supplementary Appropriation Act and approve a request for obtaining a loan facility of $800million from the World Bank to finance the National Safety Net Programme of the Federal Government.
The President’s request was contained in a letter read by Senate President, Godswill Akpabio, at the plenary session.
In the letter sent to the Senate, the President said the $800million loan facility is intended to be used to support poor Nigerians and will be disbursed to poor households across the country.
He said the facility is an extension of the unconditional cash transfer being implemented by the Federal Government.
Also on Thursday, the President urged the Senate to approve a request of N500billion to provide palliatives to cushion the effect of fuel subsidy removal on Nigerians.
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