President Muhammadu Buhari has asked the Senate to approve a fresh loan request of $800 million from the World Bank, despite the public outcry that has greeted the move.
The World Bank facility, government said, is aimed at providing succour to the poorest of the poor upon removal of the petrol subsidy that is slated to come into force two days after Buhari’s exit.
The Guardian had reported that the facility approved sometime last year was secured with the country’s special drawing right (SDR) with the International Monetary Fund (IMF) and that its payment would extend to 2051.
About $53 million out of the $800 million will be spent on hiring staffers, office administration, committee overheads and sundry matters relating to the fund administration and disbursement.
In the loan approval request, Buhari said the facility was an extension of the unconditional cash transfer being implemented by the FG.
The president stated that the funds, when approved, would be sent to the bank accounts of the identified beneficiaries.
Buhari told the lawmakers that the Federal Executive Council (FEC) had approved a request to obtain the loan, noting that he was waiting for the approval of the Senate before going ahead with processing the loan.