Buhari requests Senate approval for $800m World Bank loan

President Muhammadu Buhari has requested Senate’s approval for a $800 million loan from the World Bank.

The president made the request in a letter read by the Senate President, Ahmed Lawan, at the plenary on Wednesday.

Buhari’s request came a few days after the upper legislative chamber approved the Federal Government’s bid for restructuring of the N22.7 trillion “ways and means” advances from the Central Bank of Nigeria (CBN).

The president said the $800 million loan would provide additional finance for the National Social Safety Net programme.

He said: “Please note that the Federal Executive Council 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 and the need to request your consideration and approval to ensure early implementation. Copy of FEC extract attached.

READ ALSO: World Bank loan to Nigeria rises by $410 million in first quarter 2023

“The Senate may wish to know that the programme is intended 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 wish to note that the federal government of Nigeria, under the conditional cash transfer, will transfer the sum of N5,000 per month to 10.2 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.

“The NASSP being a social intervention programme, will stimulate the informal sector, improve nutrition, health, education, and human capital development of beneficiaries’ households.”

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