The senate has given accelerated approval to the $800 million loan request by President Bola Tinubu.
The upper legislative chamber approved Tinubu’s request on Thursday after 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 programme and cushion the effect of the removal of petrol subsidy.
Tinubu said the federal government will transfer N8,000 monthly to 12 million poor and low-income households for six months.
The new borrowing will be sourced from the World Bank.
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