President Bola Ahmed Tinubu, today, resubmitted former President Muhammadu Buhari’s $800 Million loan World Bank loan request to the Senate, to cushion the effects of subsidy removal.
On May 10, 2023, just 19 days after the end of the administration of Buhari, he sent the same request to the National Assembly. The Ahmad Lawan-led Senate refused to approve the loan request before it adjourned sine die in June.
According to President Tinubu, the disbursement of the loan is expanded coverage of shock-responsive safety net supports for all vulnerable Nigerians and the cost of meeting basic needs.
In order to guarantee the credibility of the process, Tinubu said digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.
The letter read by the President of the Senate, Godswill Akpabio noted: “It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.
“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 8000 a month to 12 million poor and low-income households for a period of six months with a multiplying 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 and education outcomes for beneficial households.
“Giving the above, I wish to invite the senate to kindly grant approvals for additional loan facilities of USD800 million to be secured from the World Bank for the national social safety net programme.
“While hoping that this submission will receive expeditious consideration by the Senate, please accept distinguish senate president and distinguish members the assurances of my highest regards.”
In the absence of standing committees, the Senate referred the request to the committee of the whole House. The request will be debated and approved on the floor of the Senate.