President Muhammadu Buhari has written to the Senate for approval to take a loan of $800m from the World Bank to help cushion the effects of subsidy removal.
 |
| Nigerian Senate Chambers |
According to Zainab Ahmed, Minister of Finance, Budget and National Planning, the grant disbursement is in light of the planned removal of subsidy in June, 2023.
This is coming after the Federal Government’s announcement in April of an $800 million World Bank grant with the aim to target 50 million vulnerable Nigerians or 10 million households, as part of its subsidy palliatives measures.
