The Senate agreed to President Bola Tinubu’s request for a $800 million World Bank loan.
The president’s appeal was contained in a letter read in plenary on Thursday by Senate President Godswill Akpabio.
Tinubu noted in the letter that the loan will be utilized to expand the national social safety net program.
Also attached to the loan request is the Federal Government’s decision to transfer N8,000 monthly to 12 million poor and low-income households for six months.
He stated that the funds would be transferred directly to the accounts of the identified beneficiaries.
The President’s letter stated in part: “Please note that the federal executive council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme, Copy of FEC’s extract attached.
“You may also wish to note that the purpose of the facility is to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with basic needs.
“You may further wish to note that under the conditional cash transfer window of the programme, the Federal Government of Nigeria will transfer the sum of N8,000 per month to 12 million poor and low income households for a period of six months, with a multiplier effect on about 60 million individuals.
“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.
“It is expected that the programme, will stimulate economic activities in the informal sector, and improve nutrition, health, education, and human capital development of beneficiaries’ households.
“Given the above, I wish to invite the Senate to kindly grant approval for the additional loan facility of $800 million to be secured from World Bank for the National Social Safety Net Programme.
“While hoping that this submission will receive expeditious consideration by the Senate, please accept the assurances of my highest regards.”
Senator Godswill Akpabio, President of the Senate, read the President’s letter during Plenary.
Before granting the request yesterday, the Senate went into closed session at 3:32 p.m. and returned at 4.41 p.m. to discuss and expedite the process.
