President Muhammadu Buhari has sent a letter to the Nigerian Senate requesting approval for a loan facility of $800 million from the World Bank.
The loan is intended to support the National Safety Net Programme and will be used to disburse unconditional cash transfers to poor households across the country.
Buhari claims that the funds will be sent directly to the bank accounts of the beneficiaries. The Federal Executive Council has already approved the request, and the president is now waiting for the Senate's approval before proceeding with processing the loan.
The Minister of Finance and National Planning, Zainab Ahmed, had earlier announced that the government plans to secure the loan to provide palliatives for vulnerable Nigerians in anticipation of the planned subsidy removal in June.
Nigeria's debt profile as of December 31, 2022, according to the Debt Management Office, has increased to N46.25 trillion or $103.1 billion, an increase of over N7 trillion from the previous year.
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