President Buhari requests a new loan of only $800 million in a letter to the Senate.

In a letter to the Senate on Wednesday, President Muhammadu Buhari requested approval of a new loan request for $800 million.

President Buhari stated in a letter read by Senate President Ahmad Lawan that the loan, which would come from the World Bank, would be used to improve the National Social Safety Net Programme, which was established by the federal government for poor Nigerians. When it is authorized, the money will be distributed to low-income households all around the nation.

He also mentioned that the Federal Executive Council (FEC) has accepted his request for the loan, but he has yet to process the loan since he needs the Senate’s permission.

You may remember that Zainab Ahmed, the Minister of Finance and National Planning, declared in April that the federal government would obtain a $800 million loan from the World Bank to be distributed to roughly 50 million vulnerable Nigerians, or 10 million households, as part of its subsidy palliatives measures.

She said that the payment was made in anticipation of the scheduled withdrawal of the subsidy in June. The debt profile of Nigeria as of December 31 increased to N46.25 trillion, or $103.1 billion, according to a recent announcement from the Debt Management Office.