Tinubu Seeks Senate Approval For Buhari’s $800m World Bank Loan

By Ayodele Oni

Coming up after the House of Representatives granted request for budget adjustment to accommodate N500 billion subsidy palliatives, President Bola Tinubu has again sought the approval of the Senate, for additional loan facility to the tune of $800 million.

This one is to be secured from the World Bank for the National Social Safety Net programme.

The immediate past Federal Executive Council, under former President Mohammadu Buhari had earlier deliberated and approved the loan, according to Tinubu’s letter to the Senate.

President Tinubu’s letter was read on Thursday during Plenary by the president of the Senate, Senator Godswill Akpabio.

The letter read: “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.

“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.”