Sunday, October 15, 2023


The Federal Government has requested an additional $400 million loan from the World Bank to extend the conditional cash transfer program to 15 million households, aiming to alleviate the impact of petrol subsidy removal on Nigerians. 

This new loan increases the total borrowed amount to $1.2 billion for this cash transfer initiative. 

President Bola Tinubu initially announced this program in a national address on October 1, as a means to mitigate the rising cost of living due to the subsidy removal. 

The previous administration secured an $800 million loan from the World Bank for this purpose, and the current government is adding $400 million to that amount, while also funding a separate N35,000 wage increase for federal civil servants. 

A supplementary appropriation may be needed for the civil servants' awards, as it cannot be funded directly from the government budget.

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