President Buhari has written to the Senate requesting approval to borrow $800 million from the World Bank to offset the effects of subsidy elimination.
In April, the Federal Government announced that it had received a $800 million World Bank grant to target 50 million vulnerable Nigerians or 10 million households as part of its subsidy palliative measures.
The disclosure was made by Zainab Ahmed, Minister of Finance, Budget, and National Planning. She stated that the grant is being disbursed in light of the planned subsidy removal in June 2023.
Ahmed also stated that discussions with the newly formed Presidential Transition Council (PTC) and the incoming administration are ongoing in order to drive the palliative program. includes the need for buses among various considerations.
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