The Senate has approved the request of President Bola Tinubu to obtain a loan of $800 million from the World Bank to finance the National Safety Net Programme of the Federal Government.

The Senate approved Tinubu’s request after the Majority Leader of the upper chamber of the National Assembly, Opeyemi Bamidele, moved a motion to that effect at plenary in Abuja on Thursday, July 13, 2023.

Tinubu, in the request which was earlier read by the Senate President, Godswill Akpabio, said the Federal Government will transfer N8,000 monthly to 12 million poor Nigerians and low-income people for a period of six months.

Tinubu’s letter read: “Please note that the Federal Executive Council (FEC) led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million.

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“This is to be secured from the World Bank for the National Social Safety Net Programme. Copy of FEC’s extract attached.

“You may also wish to note that the purpose of the facility is to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with 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 N8,000 per month to 12 million poor and low-income households.

“This is for a period of six months with a multiplier 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.”

The Star