Buhari's World Bank loan request of $800 million and its impact on revenue generation

Borrowing to support post-fuel subsidy removal palliatives, according to Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, is not the best solution.President Muhammadu Buhari has requested that the National Assembly approve an 800 million dollar loan to mitigate the effects of the impending withdrawal of fuel subsidies.Zainab Ahmed, Minister of Finance, Budget, and National Planning, stated that Nigeria acquired the World Bank loan as a first tranche of palliatives for disbursement through cash transfers to about 50 million of Nigeria's most disadvantaged citizens. According to the News Agency of Nigeria (NAN), the finance arrangement is between Nigeria and the International Development Association (IDA), a World Bank arm that assists the world's poorest countries.This loan request is coming shortly after the Red Chamber of the legislature approved another request from the President to securitise the pending N22.7 trillion Ways and Means Advances of the Central Bank of Nigerians (CBN).