On Thursday, the Senate gave its approval to President Bola Tinubu’s request for an $800 million World Bank loan and N500 billion in fuel subsidy removal palliatives. President Tinubu intends to utilize the $800 million loan to fund the National Safety Net Programme of the Federal Government.
The Senate believes that the N500 billion request, aimed at mitigating the adverse effects of fuel subsidy removal by the executive, demonstrates a responsive government.
In his inaugural speech on May 29, President Tinubu had declared the end of fuel subsidy. This announcement resulted in the resurgence of long queues at gas stations and an increase in fuel prices. Nigerians have been experiencing the impact of this decision, including heightened economic hardships, rising transportation costs, soaring inflation, and widespread poverty.
The President had previously promised to introduce palliative measures to alleviate the accompanying economic difficulties.
