Buhari Seeks National Assembly Approval to borrow $800m to share to 50 million Nigerians

President Muhammadu Buhari has sought approval of National Assembly to borrow $800 million to share to 50 million Nigerians.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had four weeks ago disclosed the intention of Federal government to borrow $800 million for 50 million Nigerians as palliatives for removal of fuel subsidy.

According to her, the $800 million is the first tranche of palliatives to be disbursed through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category of society.

Buhari therefore in a letter read on the floor of the Senate asked for the approval of $800 million for Social Safety Network Programme.

Senate President, Ahmad Lawan said the loan is to finance he National Social Safety Net Programme to the tune of $800 Million to be secured from the World Bank.

The request to borrow is coming two weeks to the end of President Buhari’s administration.