President Bola Tinubu Requests Senate Approval for $800 Million Loan
President Bola Tinubu has formally approached the Senate, seeking approval for a borrowing request of $800 million. The president's request was revealed during the Senate's plenary session on Thursday, read by Godswill Akpabio, the Senate President.
In the letter presented to the Senate, President Tinubu explained that the loan would be specifically allocated to expanding the national social safety net program. The funds are intended to be sourced from the World Bank. Tinubu assured that the federal government plans to distribute a monthly sum of N8,000 to approximately 12 million impoverished and low-income households for a period of six months. These transfers will be made directly to the designated bank accounts of the identified beneficiaries.
“The Federal Executive Council, under the leadership of President Muhammadu Buhari, has granted approval for an additional loan facility of $800 million, to be secured from the World Bank, for the National Social Safety Net program. A copy of the Federal Executive Council's extract is attached for your reference,” the letter stated.
The primary aim of this financial support is to enhance the coverage and effectiveness of the responsive safety net program, providing assistance to the most vulnerable and economically disadvantaged individuals in Nigeria. Under the conditional cash transfer window of the program, the federal government plans to provide N8,000 per month to 12 million households, benefitting an estimated 60 million individuals in total, over the span of six months.
In an effort to ensure transparency and efficiency, the funds will be digitally transferred directly to the beneficiaries' bank accounts and mobile wallets. This initiative is expected to not only alleviate financial hardships but also stimulate economic activities within the informal sector. Additionally, it aims to improve the overall well-being, nutrition, health, education, and human capital development of the households receiving the financial assistance.
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