President Muhammadu Buhari has submitted a letter to the Nigerian Senate, seeking approval for a new borrowing request of $800 million, News About Nigeria reports.
The president aims to utilize these funds to expand the National Social Safety Net Programme.
The loan, if approved, will be obtained from the World Bank.
President Buhari’s request comes as his tenure draws to a close, with the scheduled handover to his successor, Tinubu, on May 29.
The timing of the loan request has sparked criticism and discontent among some citizens.
They question the need for such a substantial loan when the president has limited time remaining in office.
Nigerians have expressed their frustration, citing concerns about the utilization and effectiveness of previous loans obtained by the government.
The country’s national debt currently stands at N46.25 trillion, and the prospect of adding to this burden has left many feeling disheartened.
While opinions on the matter may vary, it is important to consider the rationale provided by President Buhari for seeking this loan.
The funds would be allocated to the National Social Safety Net Programme, an initiative aimed at addressing poverty and providing support to vulnerable segments of the population.
The expansion of this program could potentially have a positive impact on the lives of millions of Nigerians, offering them assistance during times of economic hardship.
Meanwhile, the president has chosen to remain in the United Kingdom following King Charles III’s coronation, as revealed in a brief statement by Femi Adesina, the Senior Special Assistant to the President.
The reason for his extended stay is attributed to dental treatment that he is undergoing on the advice of his dentist.
The statement explains that the President’s dentist has already begun attending to him and that a procedure has been initiated, requiring the President’s presence for another five days.
Consequently, Vice President Yemi Osinbajo has assumed the responsibility of overseeing governmental affairs during President Buhari’s absence.