Tinubu seeks Senate approval of $800m loan from World Bank to finance the National Safety Net Programme
Written by Samson Ojeniran on July 13, 2023
The Nigerian senate has received president Bola Tinubu’s request for approval of Additional Financing of National Social Safety Net programme to the tune of $800 million.
The request is contained in a letter read by the president of the Senate Godswill Akpabio during plenary this Thursday
According to Tinubu, under the conditional cash transfer window of the Programme, the Federal Government of Nigeria will transfer the sum of N8,000 per month to 12,000,000 (twelve million) poor and low income households for a period of 6 (six) months with a multiplier effect on about 60,000,000 (sixty million) individuals.
He added that in order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries account and mobile wallet
The President further noted that the Federal Executive Council led by President Muhammadu Buhari had approved an additional loan facility to the tune of USD800,000,000 (Eight Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme (the “Programme
He explained that the Programme will stimulate economic activity in the informal sector and improve nutrition, health and education outcomes for beneficiary households
He urged the lawmakers to expeditiously approve
the additional loan facility of USD800,000,000.00 (Eight Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme.