President Bola Tinubu, on Thursday, requested the House of Representatives to approve the sum of $800 million as an additional fund for financing the National Social safety net programme set up by the National Assembly.
The request was contained in a letter he forwarded to the House, which the Speaker, Hon Tajudeen Abbas, read during plenary.
President Tinubu explained that the Federal Executive Council, led by President Muhammadu Buhari, had approved an additional loan facility to the tune of USD800 million to be secured from the World Bank to finance the Social Safety Net Programme.
He noted further that the facility’s purpose was to expand coverage of shock-responsive safety net supports for all vulnerable Nigerians to meet the cost of their basic needs.
The letter reads in part, “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 had approved an additional loan facility to the tune of USD800 million to be secured from the world bank to finance the social safety net Programme, copy of the Federal Executive Council is extracted is attached here.
“You may also wish to know that the purpose of the facility is to expand coverage of shock-responsive safety net supports for all vulnerable Nigerians and in the cost of meeting 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 8000 a month to 12 million poor and low-income households for a period of six months with a multiplying effect on about 60 million individuals.
“Digital transfers will be made directly to beneficiaries’ accounts and mobile wallets to guarantee the process’s credibility.
“The program is expected to stimulate economic activities in the informal sector and improve nutrition, health, and education outcomes for beneficial households.
“Giving the above, I wish to invite the senate to kindly grant approvals for additional loan facilities of USD800 million to be secured from the world bank for the national social safety net programme.
“While hoping that this submission will receive expeditious consideration by the Senate, please accept distinguish senate president and distinguish members the assurances of my highest regards.”