approval for $800m loan
President Muhammadu Buhari has sought Senate’s approval for $800 million dollars loan to finance the National Social Safety Network Programme-NASSP
The request was contained in a letter read by the President of the Senate, Ahmad Lawan, to lawmakers on the floor of the Senate. The president explained that the approval of the loan would specifically enable his government continue with the conditional cash transfer window of the programme.
Recall that on May 7, 2023, Nigeria’s borrowing from the World Bank had reached 14.34billion dollars. This was an increase from the 13.93billion dollars debt recorded by the Debt Management Office as of December 31, 2022.