The Senate has approved President Bola Tinubu’s request for a $800 million World Bank loan and N500 billion in palliatives to cushion the impact of fuel subsidy removal.

The approval of the loan and palliatives comes after approval earlier in the day by the House of Representatives for an amendment to the Supplementary Appropriation Act 2022 to provide N500 billion for the federal government to provide palliatives to cushion the effects of petrol subsidy removal on Nigerians.

The Senate said that the approval of the loan and palliatives showed that the government was “committed to easing the burden of fuel subsidy removal on Nigerians.”

The removal of the fuel subsidy has led to a sharp increase in the price of petrol, which has had a knock-on effect on the prices of other goods and services.