Tinubu seeks Senate’s approval of $800m World Bank loan 

President Bola Tinubu on Thursday sought the Senate’s approval of additional $800 million earlier requested by his predecessor, Muhammadu Buhari to expand coverage of shock responsive safety net supports for all and vulnerable Nigerians, which among other things will assist them in coping with basic needs.

If the loan is approved, 12 million Nigerians will get N8,000 for a period of six month through digital transfers made directly to beneficiaries accounts and mobile wallets.

Social safety net programmes, it was noted protect families from the impact of economic shocks, natural disasters, and other crises.

Former President Buhari had toward the end of his tenure sent a similar letter to the Red Chamber, but the lawmakers were unable to carry out a legislative action on it because it was received late.

In the new letter addressed to the Senate President, Godswill Akpabio and read during plenary, Tinubu explained that federal government would transfer the sum of N8,000 a month to 12 million poor and low income  households for a period of six months with a multiply effects on about 60 million individuals.

The letter reads: “Request for approval of additional financing of the national social safety net programme set up by the National Assembly.

“It is with pleasure that I refer the above matter to you. 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 programme. Copy of FEC’s extract 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.”

The letter was, however, refered to the Committee of the Whole.

In the same vein, President Tinubu also wrote to the Senate, requesting for the amendment of the 2022 Supplementary Appropriation Act.

In the 2022, N500 billion has been extracted from the 2022 Supplementary Appropriation Act of N819 , 536, 927,815  for the provision of palliatives to Nigerians to cushion the effects of fuel subsidy removal.

The letter reads: “I write to request the approval of the Senate for the amendment of the 2022 supplementary appropriation act in accordance with the attached.

“The request has become necessary in order to among other things source the funds necessary to provide palliatives to mitigate the effects of the recent removal of fuel subsidy on Nigerians .

“The sum of 500 billion naira has been extracted from the 2022 supplementary appropriation act of 819 , 536, 927,815  for the provision of palliatives to nigerians to cushion the effects of fuel subsidy removal.

“While I hope that the Senate will consider this request expeditiously, please accept distinguish Senate President and members, the assurance of my highest considerations.”