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The Nigerian Senate has granted approval for President Bola Tinubu’s request to secure an $800 million loan from the World Bank. The loan is intended to support the expansion of the National Social Safety Net Programme. The approval came after the Senate Committee reviewed the loan request during Thursday’s plenary session.
It is worth noting that former President Muhammadu Buhari had initially forwarded the same loan request to the 9th Senate in May, towards the end of his administration. However, due to time constraints, the 9th Assembly was unable to consider the request before its tenure ended on June 11. President Tinubu, in a letter read by Senate President Godswill Akpabio during the plenary, requested the 10th Senate to approve the borrowing request.
In the letter, President Tinubu clarified that the loan would be utilized to expand the coverage of the National Social Safety Net Programme, which aims to provide support to the poor and vulnerable Nigerians. The funds will assist them in meeting their basic needs and coping with economic shocks. The conditional cash transfer window of the programme will involve the Federal Government transferring a monthly sum of N8,000 to 12 million households with low incomes for a period of six months. This will have a positive impact on approximately 60 million individuals.
To ensure transparency and accountability, the funds will be digitally transferred directly to beneficiaries’ bank accounts and mobile wallets. The aim is to guarantee the credibility of the process and ensure that the funds reach those in need.
The approval of the $800 million World Bank loan by the Senate demonstrates the government’s commitment to expanding the National Social Safety Net Programme and providing crucial support to vulnerable segments of the population.
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