*As Tinubu’s $800m World Bank loan request granted by Senate
By OUR REPORTER, Abuja
With the Senate’s approval of $800 million loan request, President Bola Tinubu’s plan to give N8,000 per month (N53 per day) may now be on the way for the targeted beneficiaries.
The DEFENDER reports that Tinubu had asked the Senate to approve a borrowing request of $800 million in a letter read by Senate President Godswill Akpabio, during plenary on Thursday July 13, 2023.
In the letter, the President explained that the loan will be used to scale up the national social safety net programme.
He said the new borrowing will be sourced from the World Bank.
He assured that the Federal Government will transfer the sum of N8,000 monthly to 12 million poor and low-income households for six months.
He said the money would be transferred directly to identified beneficiaries’ accounts.
“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,” the letter reads.
“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.”
The Senate, on Thursday, approved President Bola Tinubu’s request for the sum of $800 million loan as additional fund for the financing of the National Social Safety Net Programme set up by the National Assembly.
The Senate also amended the 2022 Supplementary Budget.
This followed Tinubu’s request for the approval.
After reading the letter, the President of the Senate referred the letter to Committee of a Whole for further legislative action.
The Committee, upon deliberation, amended the 2022 Supplementary Budget and approved Tinubu’s request.
