President Bola Tinubu made a request to the Senate on Thursday to authorize an additional sum of $800 million for the funding of the National Social Safety Net Programme, which was established by the National Assembly.
The request was conveyed in a letter sent by Tinubu to the Senate, presented on the Assembly floor during the plenary session by the President of the Senate, Godswill Akpabio.
Tinubu clarified that the Federal Executive Council, under the leadership of former President Muhammadu Buhari, had granted approval for an extra loan of $800 million from the World Bank, intended to finance the Social Safety Net Programme.
He further explained that the purpose of this loan facility was to expand the reach of supportive safety net programs that respond to emergencies and assist all vulnerable Nigerians in meeting their basic needs.
The statement partly reads: “Request for approval of additional financing of the National Social Safety Net Programme set up by the National Assembly. It is with pleasure that I refer the above matter to you,”
“Please note that the Federal Executive Council led by President Muhammadu Buhari GCFR had approved an additional loan facility to the tune if USD800 million to be secured from the World Bank to finance the Social Safety Net Programme, copy of the Federal Executive Council is extract is attached here.
“You may also wish to know that the purpose of the facility is to expand coverage of shock responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs.
“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 8,000 a month to 12 million poor and low income households for a period of six months with a multiply 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 USD800milliom to be secured from World Bank for the National Social Safety Net Programme.
“While hoping that this submission will receive an expeditious consideration by the Senate. Distinguished Senate President and distinguished members, please accept the assurances of my highest regards.”
