On Thursday, President Bola Ahmed Tinubu pleaded to the Senate to approve a borrowing request of $800 million. This request had been previously sent to the Senate by then President Muhammadu Buhari’s administration during the 9th National Assembly but was not addressed by the former Senate President Ahmad Lawan-led red chamber.
Former President Buhari had submitted the borrowing request to the 9th Senate in May towards the end of his administration. However, due to the Assembly’s tenure ending on June 11, the request was not considered. In a new letter presented by Senate President Godswill Akpabio during the recent plenary session, Tinubu requested the 10th Senate to approve the borrowing request.
Tinubu explained in the letter that the loan would expand the National Social Safety Net Programme. The borrowing would be sourced from the World Bank. The President emphasized that the loan would aid in extending shock-responsive safety net support to impoverished and vulnerable Nigerians, enabling them to meet their basic needs.
Under the conditional cash transfer component of the program, the Nigerian government plans to transfer ₦8,000 per month to 12 million poor and low-income households for a duration of six months, benefiting approximately 60 million individuals. The transfers will be made directly to beneficiaries’ bank accounts and mobile wallets to ensure transparency.
Tinubu highlighted that the program is expected to stimulate economic activities in the informal sector and improve the well-being of beneficiary households in terms of nutrition, health, education, and human capital development.
Consequently, Tinubu urged the Senate to grant approval for the additional loan facility of $800 million from the World Bank for the National Social Safety Net Programme. He expressed hope that the Senate would give prompt consideration to his submission.
