President Bola Tinubu Urges Senate to Amend Supplementary Appropriation Act and Approve $800 Million Loan for National Safety Net Programme
President Bola Tinubu has called upon the Senate to make amendments to the 2022 Supplementary Appropriation Act and approve a request to secure an $800 million loan facility from the World Bank. The purpose of the loan is to fund the National Safety Net Programme of the Federal Government, aimed at supporting impoverished Nigerians by providing financial assistance to disadvantaged households nationwide.
The President’s request was conveyed through a letter read by Senate President Godswill Akpabio during the plenary session. In the letter, President Tinubu emphasized that the loan facility serves as an extension of the ongoing unconditional cash transfer initiative implemented by the Federal Government.
Additionally, President Tinubu urged the Senate to approve a separate request for N500 billion in order to provide palliatives that will help alleviate the impact of fuel subsidy removal on Nigerians.
Tinubu’s letter of request for the $800million World Bank loan 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 program. 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 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 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.”
