Senate approves $800m World Bank loan for FG

The Senate Thursday approved the $800m World Bank loan request by President Bola Tinubu and also passed for third reading, N819.5 billion amended supplementary budget for 2022.

This is as the sum of N70 billion was appropriated for the 469 federal lawmakers for improved working conditions.

Approval of the $800m World Bank loan for the federal government by the Senate, followed thorough consideration of request made to that effect by President Bola Tinubu at closed door session, which lasted for about one and half hours.

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n the amended N819.5 billion 2022 supplementary budget , the Senate set aside N500 billion for cushioning of effects of subsidy removal as requested for by President Tinubu.

The summary of the amendment reads: ” N500 billion for palliatives and other capital expenditure to cushion the effect of recent subsidy removal policy.

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“N185, 236,937,815 billion to Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the 6 geopolitical zones.”

The N500 billion appropriated for cushioning effects of subsidy removal, was accordingly domiciled in the Ministry of Finance, Budget and National Planning. (Blueprint)

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