Tinubu requested the Senate’s approval of a $800 million loan from the World Bank on Thursday, through a letter to Senate President Akpabio.
The former President Muhammadu Buhari addressed the identical request to the 9th Senate in May, but the parliament was unable to evaluate it before its tenure expired on June 11.
YOU MAY ALSO LIKE: Peter Obi Reacts As Tinubu Gives Appointments To LP Governors
President Tinubu urged the 10th Senate to approve the loan in a letter read by Senate President Godswill Akpabio during Thursday’s plenary session.
In the letter, the president said that the loan, which would be received from the World Bank, would be used to enhance the National Social Safety Net Programme.
“Please take 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,” Tinubu writes in his letter.
“It is also worth noting that the facility’s goal is to expand coverage of shock-responsive safety net support among Nigeria’s poor and vulnerable.”
This will help them meet their fundamental necessities.
“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.”
“To ensure the process’s credibility, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.”
“It is expected that the programme will stimulate economic activity in the informal sector and improve beneficiaries’ households’ nutrition, health, education, and human capital development.”
YOU MAY ALSO LIKE: IPOB Group Orders A Two-Week Sit-At-Home
“Given the foregoing, I would like to respectfully request that the Senate grant approval for the additional loan facility of $800 million to be secured from the World Bank for the National Social Safety Net Programme.”
“While hoping that this submission will be expeditiously considered by the Senate, please accept my best wishes.”
