Mixed Feelings As SENATE Approves $800M World Bank Borrowing

The Senate has approved President Bola Tinubu’s request for $800 million borrowing from the World Bank.

The president’s request was in a letter read by Godswill Akpabio, Senate President, at the plenary in Abuja.

Tinubu, in the letter, explained that the loan would be used to scale up the national social safety net programme.

Attached with the request was a decision by the Federal Government to transfer the sum of N8,000 monthly to 12 million poor and low-income households for six months.
He said the money would be transferred directly to identified beneficiaries’ accounts.

Before approving the request, the Senate went into a closed session to brainstorm and give the request accelerated passage.