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Tinubu Requests Senate’s Consent For $800 Million Loan From World Bank

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Tinubu Requests Senate's Consent For $800 Million Loan From World Bank
Tinubu Requests Senate's Consent For $800 Million Loan From World Bank

On Thursday, President Bola Tinubu appealed to the Senate to modify the 2022 Supplementary Appropriation Act and authorize a loan request of $800 million from the World Bank. The purpose of this loan is to support the Federal Government’s National Safety Net Programme, aimed at assisting impoverished Nigerians. Senate President Godswill Akpabio read the President’s letter during the plenary session.

In the letter addressed to the Senate, the President clarified that the $800 million loan would be utilized to provide financial aid to disadvantaged households nationwide as an extension of the ongoing unconditional cash transfer program implemented by the Federal Government.

Furthermore, President Tinubu requested the Senate’s approval for an additional request of N500 billion to offer relief measures that would alleviate the impact of fuel subsidy removal on Nigerians.

An excerpt from Tinubu’s letter requesting the $800 million World Bank loan states: “I would like to inform you that the Federal Executive Council, under the leadership of President Muhammadu Buhari, has approved an additional loan facility of $800 million to be obtained from the World Bank for the National Social Safety Net program. Please find attached a copy of the FEC’s decision.

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“It is important to note that the purpose of this facility is to broaden the coverage of shock-responsive safety net support for the benefit of impoverished and vulnerable Nigerians. This will help them cope with their basic needs.

“Furthermore, I would like to emphasize that, through the conditional cash transfer window of the program, the Federal Government of Nigeria intends to transfer the sum of N8,000 per month to 12 million poor and low-income households for a period of six months, benefiting approximately 60 million individuals.

“To ensure the credibility of the process, digital transfers will be directly made to the beneficiaries’ accounts and mobile wallets.

“It is expected that this program will stimulate economic activities in the informal sector and improve the nutrition, health, education, and human capital development of the households of the beneficiaries.

“Considering the above, I kindly invite the Senate to grant approval for the additional loan facility of $800 million from the World Bank for the National Social Safety Net Program.

“While hoping for the Senate’s prompt consideration of this request, please accept my highest regards.”

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