Senate approves $800m loan, N500bn for palliatives for Tinubu

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Abuja, July 13, 2023 – The Senate on Thursday approved President Bola Tinubu’s $800million World Bank loan and N500 billion fuel subsidy removal palliatives’ request.

The $800million World Bank loan, according to Tinubu, is meant to finance the National Safety Net Programme of the Federal Government.

Under the programme, the Federal Government will pay N8,000 to 12 million families over a period of six months as a means of ameliorating the hardships of Nigerians as a result of subsidy removal.

Tinubu said the support was to enable poor and vulnerable Nigerians to cope with the cost of meeting basic needs.

The President said this would have a multiplier effect on about 60 million individuals.

He said that in order to guarantee the credibility of the process, he said digital transfers would be made directly to beneficiaries’ accounts

According to the Senate, the N500 billion request meant to cushion the negative effects of the removal of fuel subsidy by the executive shows that the nation has a “government that listens.”

During his inaugural speech on May 29, Tinubu had declared an end to petrol subsidy.

He had also promised that palliatives would be introduced to cushion the attendant hardship.

Since the removal of the subsidy, Nigerians have been feeling the pangs of that declaration with hike in transport fares, spiraling inflation and widespread poverty. (GBN)

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