Tinubu seeks Senate’s approval for $800m World Bank loan

President Bola Tinubu has sought the approval of the Senate to obtain a loan of $800 million from the World Bank to finance the National Safety Net Programme of the Federal Government.

The president’s request was contained in a letter read by the Senate President, Mr Godswill Akpabio, at plenary on Thursday.

The letter is entitled: “Request for Approval of Additional Financing of the National Social Safety Net Programme Scale-up by the National Assembly”.

It reads: “Please note that the Federal Executive Council, led by former President Muhammadu Buhari approved an additional loan facility to the tune of $800 million.

“It is to be secured from the World Bank for the National Social Safety Net Programme.

“The purpose of the facility is to expand coverage of shock responsive safety nets support for the poor and vulnerable Nigerians and to help them cope with the cost of meeting 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 a month to 12 million poor and low-income people.

“This is 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 activity in the informal sector and improve nutrition, health and education outcomes for beneficiary households.

“Given the above, I wish to invite the senate’s approval for the additional loan facility of $800 million to be secured from the World Bank for
National Social Safety Net Programme.”

Akpabio, thereafter, referred the matter to the Committee of the Whole in view of the fact that “we have not yet constituted all the other necessary organs of the senate.”