Tinubu seeks additional $800m loan from World Bank

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Abuja, July 13, 2023 – President Bola Tinubu is seeking additional loan of $800 million from the World Bank for the National Social Safety Net Programme.

He has written to the House of Representatives seeking approval for the Federal government to take the loan.

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

In a letter to the House read by Speaker Tajudeen Abbas during plenary, 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, digital transfers would be made directly to beneficiaries’ accounts. (GBN)

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