Tinubu seeks Reps approval of World Bank $800m to finance National Safety Net Programme 

…FG to transfer of N8000 per month to 12 million poor households for 6 months

By Levinus Nwabughiogu & Gift Chapi

President Bola Ahmed Tinubu has written to the House of Representatives requesting its approval of the World Bank $800 million loan to finance the National Safety Net Programme.

It will be recalled that former President Muhammadu Buhari started the programme.

Contained in a letter titled: “Request for Approval of Additional Financing of the National Social Safety Network Programme by the National Assembly”, the Speaker of the House, Hon. Tajudeen Abbas read the letter at Thursday plenary.

The letter read in full: “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 (“FEC”) approved an additional loan facility to the tune of USD800,000,000 (Eight Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme (the “Programme”).

“You may also wish to note thät the purpose of the facility is to expand coverage of shock responsive safety net support for poor and vulnerable Nigerians and to help them cope with 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 N8,000 per month to 12,000,000 (twelve million) poor and low income households for a period of 6 (six) months with a multiplier effect on about 60,000,000 (sixty million) individuals. In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ account and mobile wallets.

“Tt is expected that the Programme will stimulate economic activity in the informal sector and improve nutrition, health and education outcomes for beneficiary households.

“Given the above, I wish to invite the House of Representatives to kindly grant approval for the additional loan facility of USD800,000,000.00 (Eight. Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme.

“While hoping that this submission will receive expeditious consideration by the House of Representatives, please accept, Rt. Honourable Speaker, the assurances of my highest regards.