President Muhammadu Buhari on Wednesday wrote to the Senate asking to approve a new loan request of $800million.
In a letter read by the President of the Senate, Senator Ahmad Lawan, President Buhari noted that the loan would be utilized to upgrade the National Social Safety Net Programme; which was set up by the FG for poor Nigerians & it would be sourced from the World Bank.
The funds will be disbursed to poor households across the country when it is approved.
He also noted that the Federal Executive Council has approved his request for obtaining the loan, noting that he is waiting for the approval of the Senate before going ahead with processing the loan.
It would be recalled that the Minister of Finance & National Planning announced in April that the FG would secure an $800 million World Bank loan to be disbursed to about 50 million vulnerable Nigerians or 10 million households as part of its subsidy palliatives measures.