The Senate on Thursday gave accelerated approval to the $800 million loan request by President Bola Ahmed Tinubu.
The red chamber approved Tinubu’s request during plenary after senator Opeyemi Bamidele, senate leader, moved a motion to that effect.
In the request which was read on the floor of the senate chamber earlier, Tinubu said the loan would be used to scale up the National Social Safety Net (NSSN) programme and cushion the effect of the removal of petrol subsidy.
Under the NSSN programme, Tinubu said the federal government will transfer N8,000 monthly to 12 million poor and low-income households for six months.
The new borrowing, according to the President, will be sourced from the World Bank.
