President Bola Tinubu’s request for a $800 million loan from the World Bank has been approved by the Senate.
The Senate President, Godswill Akpabio, read Tinubu’s letter during the plenary on Thursday. In the letter, Tinubu explained that the loan would be utilized to expand the national social safety net program.
The request included a decision by the Federal Government to transfer a monthly sum of N8,000 to 12 million impoverished and low-income households for a duration of six months. Tinubu stated that the funds would be directly transferred to the accounts of the identified beneficiaries.
The President’s letter stated, “Please note that the Federal Executive Council, led by President Muhammadu Buhari, approved an additional loan facility of $800 million to be obtained from the World Bank for the National Social Safety Net program. A copy of the FEC’s decision is attached.”
He further mentioned, “The purpose of the facility is to extend the coverage of shock-responsive safety net support to reach more poor and vulnerable Nigerians, thereby assisting them in meeting their basic needs.”
“To ensure the credibility of the process, digital transfers will be directly made to beneficiaries’ accounts and mobile wallets,” the letter continued.
The President highlighted that the program is expected to stimulate economic activities in the informal sector and enhance the nutrition, health, education, and human capital development of the households receiving the benefits.
Concluding the letter, Tinubu requested the Senate’s approval for the additional loan of $800 million to be obtained from the World Bank for the National Social Safety Net program. He expressed hope that the Senate would consider the request promptly and offered his highest regards.
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