• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Petrol Subsidy removal: Buhari seeks Senate’s approval for $800 million World Bank loan

Chike Olisah by Chike Olisah
May 10, 2023
in Business News, Economy
Buhari’s administration created 10 new passport offices-NIS
Share on FacebookShare on TwitterShare on Linkedin

Key Highlights

  • President Buhari had in his request letter to the Senate, stated that the additional $800 million loan from the World Bank is for the National Social Safety Net Programme.
  • He stated that the National Social Safety Programme is intended to expand coverage of shock-responsive safety net support among the poor and vulnerable Nigerians.
  • Buhari said the Federal Government under the conditional cash transfer window of the programme will transfer the sum of N5,000 every month to 10.2 million poor and low-income households for a period of 6 months

President Muhammadu Buhari has written a letter to the Senate seeking its approval for the $800 million World Bank loan which is meant to help cushion the effect of petrol subsidy removal on poor and vulnerable Nigerians.

This follows the Federal Government’s earlier announcement of a World Bank’s $800 million palliatives targeted at 50 million vulnerable Nigerians or 10 million households ahead of the removal of petrol subsidy.

The request by President Buhari is contained in a letter read to the senators by the Senate President, Ahmad Lawan, during plenary on Wednesday, May 10, 2023.

RelatedStories

President Bola Tinubu,

FG clarifies proposed $21.5 billion debt, taps World Bank, ADB, China, France, EU for new loan

May 27, 2025
World Bank: Food insecurity in Africa soars by 60% despite production gains 

World Bank: Food insecurity in Africa soars by 60% despite production gains 

May 27, 2025

President Buhari in the letter said that the funds are for the National Social Safety Net Programme, which is intended to expand coverage of shock-responsive safety net support among the poor and vulnerable Nigerians.

Additional $800 million loan for poor, vulnerable Nigerians

  • The letter from President Buhari partly reads, “Please note that the Federal Executive Council approved an additional loan facility to the tune of USD800 million to be secured from the World Bank, for the National Social Safety Net Programme and the need to request for your consideration and approval to ensure early implementation.
  • “The Senate may wish to note that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.
  • “You may wish to note that, the Federal Government of Nigeria under the conditional cash transfer window of the programme will transfer the sum of N5,000 per month to 10.2 million poor and low-income households for a period of six months, with a multiplier effect on about 60 million individuals. In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.
  • “The NASSP being a social intervention programme will stimulate activities in the informal sector, improve nutrition, health, education and human capital development of beneficiary households.”

Buhari added,

  • “Given the above, I wish to invite the Senate to kindly approve an additional loan facility to the tune of USD8OO million to be secured from the World Bank for the National Social Safety Net Programme,” expressing hope that the request will “receive expeditious consideration by the Senate.”

What you should know

  • The Minister for Finance, Budget and National Planning, Zainab Ahmed, had earlier in April 2023, revealed that the Federal Government had secured the sum of $800 million from the World Bank to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of the full deregulation of the downstream sector of the oil industry in June 2023.
  • Ahmed said that the $800 million fund is the first tranche of palliatives ready to be disbursed to 10 million households in the form of cash.
  • The National Economic Council (NEC), which comprises of 36 state governors, the CBN Governor and other top government officials and is chaired by the vice president, had on April 27 suspended the planned removal of subsidy on petroleum products by June 2023.
  • The finance minister, who announced the decision, stated that the NEC concluded in the meeting that it was not a favourable time for the action.
  • Meanwhile, there had been earlier reports that Nigeria’s borrowing from the World Bank had risen to $14.34 billion as of March 31, 2023.
  • This was an increase from the $13.93bn debt recorded by the Debt Management Office as of December 31, 2022.

Follow us for Breaking News and Market Intelligence.
Tags: Ahmad LawanMinister of Finance Zainab AhmedNigerian SenatePresident Muhammadu BuhariWorld Bank
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

President Bola Tinubu,
Economy

FG clarifies proposed $21.5 billion debt, taps World Bank, ADB, China, France, EU for new loan

May 27, 2025
World Bank: Food insecurity in Africa soars by 60% despite production gains 
Agriculture

World Bank: Food insecurity in Africa soars by 60% despite production gains 

May 27, 2025
President Tinubu appoints Ibrahim Gaga as new Executive Director of NEXIM Bank  
Health

Bill to establish national malaria eradication agency passes second reading in senate

May 15, 2025
World Bank, Tanzania
Economy

World Bank faults CBN’s OMO policy, says not working “effectively”  

May 14, 2025
President Bola Tinubu,
Economy

Nigeria can’t achieve $1 trillion economy at current growth rate – Word Bank

May 12, 2025
Macroeconomic reports, CBN,NGX, LPG, NHK
Economy

World Bank says Nigeria’s macroeconomic situation “is improving” 

May 12, 2025
Next Post
SEC collaborating with SON to develop standards for commodities-Yuguda

SEC says effective dispute resolution will propel capital market growth

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 
  • Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 
  • Technical education enrolment examination in Nigeria surges by 300% in 1 year – NABTEB  

Follow us on social media:

Recent News

UK, worker visa

UK work visas drop 39% in 2024, health and care approvals plunge 85% amid stricter immigration rules 

June 15, 2025
Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

Meet Lauren Leichtman, the first woman to build a billion-dollar fortune in private equity 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics