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    Home»Business & Economy»Fuel Subsidy: Buhari Requests $800m World Bank Loan 18 Days To End Of Tenure
    Business & Economy

    Fuel Subsidy: Buhari Requests $800m World Bank Loan 18 Days To End Of Tenure

    Alexandra Dominic-ChukwuBy Alexandra Dominic-ChukwuMay 11, 2023Updated:May 11, 2023No Comments1 Min Read
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    ENUGU, Nigeria (VOICE OF NAIJA)- President Muhammadu Buhari has sent a letter to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank.

    President Buhari said the loan will help him to cushion the effects of subsidy removal.

    This follows the Federal Government’s announcement in April of an $800 million World Bank grant targeting 50 million vulnerable Nigerians or 10 million households, as part of its subsidy palliatives measures.

    Zainab Ahmed, the Minister of Finance, Budget and National Planning, said the disbursement of the grant is in light of the planned subsidy removal in June 2023.

    Ahmed noted that engagements are ongoing with the newly established Presidential Transition Council (PTC) and the incoming administration, to drive the palliative program, which includes the need for buses among various considerations.

    $800million Loan Fuel Subsidy President Muhammadu Buhari World Bank
    Alexandra Dominic-Chukwu

    Alexandra Dominic-Chukwu is based in the eastern region of Nigeria. She covers politics, news writing, feature stories, among others. She has multitasking skills and can easily adapt to any working condition. She enjoys reading and writing.

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