Nigeria’s National Assembly Approves Buhari’s $800m World Bank Loan Request

The House of Representatives Committee member on Loans, Aids, and Debt Management, Abubakar Yunusa Ahmad, announced that President Muhammadu Buhari’s request for an $800 million World Bank loan has been approved. During a Channels Television interview which was monitored by Media Talk Africa on Friday, Ahmad disclosed that the Buhari administration will not utilize the loan, stating that the incoming government will deploy its approach to do so. However, he emphasized that Nigerians should take advantage of the loan. President Buhari previously wrote to the National Assembly, requesting approval of the $800 million World Bank loan, which the Federal government would use to cushion the effect of fuel subsidy removal. Despite opposition from various groups such as the Civil Society Legislative Advocacy Centre (CISLAC) and Socio-Economic Rights and Accountability Project (SERAP), Shubham Chaudhuri, the World Bank’s Country Director, noted that Nigeria has no other choice but to borrow due to its budget deficit. Ahmad stated that many discussions were held with the loan committee, and they advised that the incoming government should determine the loan’s use. However, as the loan has already been granted, the incoming government can decide to use it. Ahmad pointed out that the present government might not use it as they already consider Buhari’s ministers to have underperformed, and the incoming government might have a different approach to issues. It is essential to mention that the World Bank’s $800 million loan request has been approved, and Nigerians are urged to take advantage of it.