President Bola Tinubu has requested the Nigerian Senate’s approval of additional $800 million loan earlier requested by his predecessor, Muhammadu Buhari.
This will help to expand coverage of shock responsive safety net supports for all and vulnerable Nigerians, which among other things will assist them in coping with basic needs.
If the loan is approved, 12 million Nigerians will get =N=8,000 for a period of six month through digital transfers made directly to beneficiaries accounts and mobile wallets.
Social safety net programmes will help to protect families from the impact of economic shocks, natural disasters, and other crises.
Former President Buhari had in the twilight of his tenure, sent a similar letter to the Senate but the lawmakers were unable to carry out a legislative action on it because it was received late.
In the new letter addressed to the Senate President, Godswill Akpabio and read on Thursday, President Tinubu explained that the Nigerian Government would transfer the sum of =N=8,000 a month to 12 million poor and low income households for a period of six months with a multiply effects on about 60 million individuals.
The letter reads: “Request for approval of additional financing of the national social safety net programme set up by the National Assembly.
“It is with pleasure that I refer the above matter to you. 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,” the letter concluded.
COV/EDWIN.
