World Bank reveals Nigeria secured approval for $800m loan in December 2021 as Buhari sought Senate approval in 2023

The World Bank on Tuesday revealed that Nigeria secured approval for the $800 million loan for subsidy palliatives in December 2021. However, former President Muhammadu Buhari wrote the Senate for approval of the loan secured in 2021 weeks to handover to the new President in May 2023.
The World Bank Country Director, Dr Subham Chadhuri, at an event on Tuesday to assess the Nigeria’s economy in the last six months, noted that the loan was approved on the request of former President Muhammadu Buhari who planned the removal of petrol subsidy.
This revelation was being made to the dismay of Nigerians because former President Buhari sent a letter to the Senate requesting approval to procure $800 million from the World Bank to provide palliatives and cushion the effects of subsidy removal at the time of preparing for handover in May 2023. Apparently, the former president was seeking approval from the Senate in 2023 for the $800 million loan from the World Bank which had been approved in 2021.
Meanwhile, the World Bank Country Director in Nigeria declared the Bank’s support to Tinubu on the removal of petrol subsidy and the unification of foreign exchange regime.