The Senate agreed on Thursday to President Bola Tinubu’s request for a $800 million loan from the World Bank.
This came after the loan was discussed by the Committee of the Whole at Thursday’s plenary session.
According to the Agency of Nigeria, former president Muhammadu Buhari addressed the same request to the 9th Senate in May as his term came to an end.
The 9th Assembly, however, was unable to address the request before its session closed on June 11.
Tinubu asked the 10th Senate to approve the same loan request in a letter that was read aloud earlier in the meeting by Senate President Godswill Akpabio.
The president stated in the letter that the loan will be used to increase funding for the National Social Safety Net Program.
Please be advised that the Federal Executive Council (FEC), which is presided over by President Muhammadu Buhari, has sanctioned a further credit facility totaling $800 million, as per Tinubu’s letter.
“This must be provided by the World Bank for the National Social Safety Net initiative. The copy of the FEC excerpt is offered.
“You may also want to be informed that the facility’s primary objective is to extend the reach of the vulnerable and underprivileged Nigerians’ shock-responsive safety net support. They will be able to meet their basic needs thanks to this.
Approximately 60 million people will be affected by this over a six-month period.
To guarantee the validity of the process, digital transfers will be conducted straight to beneficiaries’ accounts and mobile wallets.
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