The Senate has approved the request of President Bola Tinubu to go ahead with the processing of a $800 million loan facility from theThe Senate also amended the 2022 Supplementary Appropriation Act to accommodate N500 billion provision for palliatives to mitigate the effect of petroleum subsidy removal on poor Nigerians.
The president assured that when the loan is granted, the sum of N8,000 will be transferred monthly to the bank accounts of 12 million poor and low income households for six months. "It is a Word Bank Assisted project, we are not approving a loan, the money has been there already even before the 10th assembly," he explained.The leader of the Senate, Opeyemi Bamidele, led the debate on amendment of the 2022 Appropriation Act to accommodate funds for the provision of palliatives to cushion the effect of the subsidy removal.
Solomon Olamilekan said if the request is granted, it will help to mitigate the effect of petroleum subsidy removal and other economic reforms implemented by the Tinubu's administration.