JUST IN: Tinubu seeks Senate’s approval for $800m loan from World Bank In order to finance the National Safety Net Program of the Federal Go...

JUST IN: Tinubu seeks Senate’s approval for $800m loan from World Bank

In order to finance the National Safety Net Program of the Federal Government, President Bola Ahmed Tinubu has urged the Senate to amend the 2022 Supplementary Appropriations Act and approve a request for securing a loan facility of $800 million from the World Bank.

Recall that at the end of his term, former President Muhammadu Buhari had sent the similar 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.

Tinubu requested that the 10th Senate approve the borrowing request in a letter that was read aloud by Senate President Godswill Akpabio on Thursday during plenary.

The loan would be utilized to expand the National Social Safety Net Program, the president noted in the letter.

He stated that the World Bank will be the source of the fresh borrowing.

"Please take note that the federal executive council headed by President Muhammadu Buhari approved an additional loan facility to be secured from the World Bank in the amount of $800 million for the National Social Safety Net programme," writes Tinubu in his letter. The FEC extract copy is provided.

"You might also want 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.

"You may also want to be aware that 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 under the conditional cash transfer window of the program, with a multiplier effect on approximately 60 million people.

"Digital transfers will be sent directly to beneficiaries' accounts and mobile wallets to ensure the legitimacy of the procedure.