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Tinubu seeks Senate approval for a $800 million World Bank loan

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President Bola Ahmed Tinubu has asked the Senate to approve a $800 million World Bank loan request.

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Remember that near the end of his presidency, former President Muhammadu Buhari forwarded the same request to the 9th Senate in May. However, the 9th Assembly was unable to address the request before the end of its term in June 11.

President Tinubu requested the 10th Senate to approve the borrowing request in a letter presented by Senate President Godswill Akpabio during plenary on Thursday, July 13. He informed legislators that the money would be utilized to expand the National Social Safety Net Programme.

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“Please take note that the federal executive council led by President Muhammadu Buhari has approved an additional loan facility of $800 million to be secured from the World Bank for the National Social Safety Net programme,” the letter reads in part. A copy of the FEC’s excerpt is attached.

You may also want to keep in mind that the facility’s goal is to extend access to shock-responsive safety net help among Nigeria’s impoverished and vulnerable citizens. This will help them meet their fundamental necessities.

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You may also be interested to know that, under the program’s conditional cash transfer window, the federal government of Nigeria will transfer N8,000 per month to 12 million poor and low-income households for a period of six months, with a multiplier effect on approximately 60 million people.

To ensure the process’s integrity, digital transactions would be conducted straight to beneficiaries’ accounts and mobile wallets.

The initiative is expected to increase economic activity in the informal sector as well as improve nutrition, health, education, and human capital development in beneficiary households.

Given the foregoing, I would like to request that the Senate approve an extra credit facility of $800 million from the World Bank for the National Social Safety Net Programme.

While I hope that my submission will be given prompt consideration by the Senate, please accept my best wishes.”

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