Bisola David
President Bola Tinubu’s proposal for a $800 million loan from the World Bank was accepted by the Senate on Thursday.
This came after the Committee of the Whole’s discussion of the loan during Thursday’s plenary.
The News Agency of Nigeria reported that, near the close of his term in office, former President Muhammadu Buhari had sent the same request to the 9th Senate in May.
However, the request could not be considered by the 9th Assembly before its term ended on June 11.
In a letter read aloud by Senate President Godswill Akpabio earlier in the session, Tinubu requested that the 10th Senate grant the identical loan request.
The loan would be utilized to expand the National Social Safety Net program, the president indicated in the letter.
Tinubu’s letter read: “Please take note that the Federal Executive Council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million.
“This is to be obtained from the World Bank for the National Social Safety Net program. The FEC extract copy is provided.
“You may wish to be aware that the facility’s main goal is to increase the reach of the poor and vulnerable Nigerians’ shock-responsive safety net support. This will help them meet their fundamental necessities.
“The Federal Government of Nigeria would distribute the sum of N8,000 per month to 12 million low-income and poor households under the program’s conditional cash transfer window.
“This is for a period of six months with a multiplier effect on about 60 million individuals.”
“Digital transfers will be made to recipients’ accounts and mobile wallets directly to ensure the legitimacy of the procedure.”
