In the request presented earlier during the senate session, President Tinubu stated that the loan would be utilized to expand the national social safety net program and mitigate the impact of the removal of petrol subsidy.
As part of the initiative, the federal government plans to provide a monthly transfer of N8,000 to 12 million impoverished and low-income households for a period of six months.
The loan will be obtained from the World Bank. Further updates will be provided as they unfold.