Economy
Tinubu seeks additional $800m loan from World Bank, after paying off $500m Eurobond
President Bola Tinubu is seeking additional loan of $800 million from the World Bank for the National Social Safety Net Programme after paying off $500million Eurobond facility. This development will increase Nigeria public debt by about $200million if the loan is granted. The President has written to lawmakers seeking approval for the Federal government to take the loan.
Under the programme, the Federal Government will pay N8,000 to 12 million families over a period of six months to ameliorate the hardships of Nigerians as a result of subsidy removal. In a letter to the House read by Speaker Tajudeen Abbas during plenary, Tinubu said the support was to enable poor and vulnerable Nigerians to cope with the cost of meeting basic needs. The President said this would have a multiplier effect on about 60 million individuals. He said that in order to guarantee the credibility of the process, digital transfers would be made directly to beneficiaries’ accounts.
-
Finance2 days agoCBN cuts 1-Year Treasury Bill rate, rejects Bids
-
News2 days agoCourt orders British Govt. to pay £420m to 21 coal miners killed by colonial masters
-
Economy2 days agoBPE, stakeholders unite to rollout $500m free meters, DisCos pledge to lead drive
-
Business2 days agoMTN to acquire controlling stake in IHS Holdings, eyes full ownership
-
Agriculture2 days agoOver 2.5m metric tonnes of food valued N2trn produced in 2yrs—FG
-
Maritime2 days agoNIMASA mulls expansion of deep blue project, calls for continued partnership with Navy
-
Oil and Gas2 days agoDangote refinery backs gantry loading, cautions against costly coastal evacuation
-
Economy14 hours agoDubai’s consumer electronics maker, Maser Group to invest $1.6bn in Nigeria, others