The Senate has received a letter from President Bola Tinubu asking for permission to approve an extra credit facility from the World Bank for the National Social Safety Net programme totaling $800 million.
Senator Godswill Akpabio, president of the Senate, read President Tinubu’s letter on Thursday during Plenary.
“Please take note that the federal executive council headed by President Muhammadu Buhari approved an additional loan facility to be obtained from the World Bank for the National Social Safety Net programme in the amount of $800 million,” the letter stated. The FEC extract copy is provided.
“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 foregoing, I kindly request the Senate’s approval for the additional $800 million loan facility that will be obtained from the World Bank for the National Social Safety Net Programme.Please accept my sincere thanks and best wishes as I hope the Senate will review this submission quickly.
The Service Chiefs that President Tinubu recently named are currently being screened in the Senate Hallowed Chamber.