Home News The Federal Government has stated that it will not seek another $800...

The Federal Government has stated that it will not seek another $800 million loan from the World Bank to help disadvantaged Nigerians cope with the looming elimination of gasoline subsidies.


Zaniab Ahmed, Minister of Finance, Budget, and National Planning, issued a clarifying statement on Saturday, calling the claim false.

On Thursday, we reported that President Muhammadu Buhari had asked the Senate in a letter to “kindly approve a ‘additional’ loan facility to the tune of USD8OO million to be secured from the World Bank for the National Social Safety Net Programme.”

Many Nigerians were outraged by the revelation, interpreting the request to mean a new $800 million, separate from the one already purportedly acquired by the administration.

Remember that at the end of the Federal Executive Council (FEC) meeting on April 5, the finance minister claimed that Nigeria had already obtained $800 million from the World Bank.

As a result of the withdrawal of fuel subsidies, over 50 million poor Nigerians will require palliative care.

However, in a statement titled “Nigeria Seeks No New World Bank Loan-Ahmed,” published by Zainab’s Special Adviser, Media and Communications, Yunusa Tanko Abdullahi, she stated that the $800 million in question was previously acquired from the World Bank.

“The news story is incorrect,” the statement said. This is the same loan that the Honourable Minister mentioned on multiple occasions was awaiting parliamentary permission for the federal government to begin payment of the $800 million facility the country recently received from the World Bank for post-petrol subsidy removal palliative.

“As a result, the government will not seek another loan to fund the pending removal of fuel subsidies.” It is They are the same thing.

“It should be noted that the facility will be used to assist 10 million households, with each receiving N5,000 for a period of six months.

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“The minister explained that the initial duration of the palliatives meant to cushion the effects of the planned subsidy removal on vulnerable Nigerians was six months, but that this would be reviewed after extensive consultation with stakeholders.”

According to the statement, the minister recently stated, “The $800 million has been negotiated and approved by the Federal Executive Council (FEC), and we now have a request before the parliament for approval.” And, once approved by parliament, the following administration can determine how to use it.”We’ve also been working Along the approval procedure, preparatory work is done side by side. This includes enlarging the group to include members of the President-elect’s transition team.

“The process will include verification of the social register, which will be used for electronic transfers of funds.”


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