President Bola Tinubu has sent a letter to the Senate, seeking approval for $800 million loan from World Bank to finance the National Social Safety Network Programme.
This request was contained in a letter read by the Senate President, Godswill Akpabio on the floor of the Senate on Thursday, 13th June.
Recall that the immediate past President, Muhammadu Buhari had also made same request from the 9th Senate before leaving office in May.
Although, the request could not be considered, since Buhari had only few days to spend on office.
Hence, Tinubu has urged the lawmakers to consider the loan request, in a letter.
The letter reads, “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.
“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.”
