The Senate on Thursday approved President Bola Tinubu’s $800million World Bank loan and N500 billion fuel subsidy removal palliatives’ request.
The $800million World Bank loan, according to Tinubu is meant to finance the National Safety Net Programme of the Federal Government.
According to the Senate, the N500 billion request meant to cushion the negative effects of the removal of fuel subsidy by the executive shows that the nation has a “government that listens.”
During his inaugural speech on May 29, Tinubu had declared that “fuel subsidy is gone”. The announcement immediately led to resurfacing of long queues at petrol stations and a hike in the pump price of the product.
Nigerians have been feeling the pangs of that declaration, amid increased economic hardship, hike in transport fares, spiraling inflation and widespread poverty.
The President had promised that palliatives would be introduced to cushion the attendant economic hardship.