President Bola Ahmed Tinubu has requested Senate approval for an $800 million loan from the World Bank for the National Social Safety Net Programme.
Tinubu’s letter was read on the floor of the Red Chamber on Thursday by the President of the Senate, Godswill Akpabio.
Checks by the Nigerian Tribune revealed that President Tinubu was merely presenting a fresh loan request sent to the ninth Senate under Ahmad Lawan by the immediate past President, Muhammadu Buhari.
The former President, in his request last May, said the loan was meant for the National Social Safety Net Programme (NSSNP).
According to the former President in his letter read by the former Senate President, “The programme is intended to expand the coverage of shock-responsive safety net support among poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.”
Buhari further noted that “the NSSNP, being a social intervention programme, will stimulate activities in the informal sector, improve nutrition, health, education, and human capital development of beneficiary households.”
In the same vein, Tinubu, in his letter, informed the 10th Senate that “the purpose of the facility is to expand the coverage of shock-responsive safety net support among poor and vulnerable Nigerians. This will assist them in coping with basic needs.”
His letter reads in part: “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. A copy of the FEC’s extract is attached.
“You may also wish to note that the purpose of the facility is to expand the coverage of shock-responsive safety net support among 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 the 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.”
After closed-door deliberations, the Senate President formally announced the approval of the request for the loan. He thanked his colleagues for the expeditious approval, which he said was indicative of their commitment to ensuring the success of the Bola Ahmed Tinubu administration.
He said, “The approval of the request has been granted by the Senate. Let me thank colleagues for today’s deliberation. I must thank all of you for your show of patriotism despite the hiccups. That’s the Senate for you; very mature. Your attitude today has shown your commitment and determination to ensure that the present administration succeeds.
“The Senate is hereby adjourned to next Tuesday.”
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