President Muhammadu Buhari has asked the senate to approve a request to borrow $800 million from the World Bank.
Buhari’s request was contained in a letter read by President of the Senate, Ahmad Lawan, on the floor of the upper legislative chamber.
The president said the funds would be used to finance the National Social Safety Net programme which will involve the disbursement of the funds to poor households across the country.
Recall that the Minister of Finance and National Planning, Zainab Ahmed, had last month announced that the federal government would secure the $800 million World Bank loan to be disbursed to about 50 million vulnerable Nigerians or 10 million households as part of its subsidy palliatives measures.
