Senate Approves $800m World Bank Loan Request

The Senate accepted President Bola Tinubu’s loan request of $800 million on Thursday.

This came after the whole Committee discussed the loan during Thursday’s session.

Former President Muhammadu Buhari, according to the News Agency of Nigeria, forwarded the identical request to the 9th Senate in May, at the close of his term.

However, the 9th Assembly could not address the issue before its term expired on June 11.

Tinubu, in a letter read earlier during plenary by Senate President Godswill Akpabio, requested the 10th Senate to approve the identical borrowing request.

In the letter, the president noted that the loan would be utilized to expand the National Social Safety Net Programme.

Mr. Tinubu’s letter reads: “Please note that the Federal Executive Council (FEC) led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million.

“This is to be secured from the World Bank for the National Social Safety Net programme. A copy of FEC’s extract is attached.

“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.

“This is 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.”