The loan will finance the National Safety Net Programme to support poor and vulnerable households in Nigeria.

Former President Muhammadu Buhari made a formal request to the Senate in May, seeking approval for a loan facility of $800 million from the World Bank. The loan is intended to be used for the National Safety Net Programme, which aims to provide financial assistance to impoverished and vulnerable households.

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President Bola Tinubu, in his letter to the Senate, urged them to grant approval for his administration to proceed with the loan processing. He highlighted that the loan would be utilized to expand the coverage of shock-responsive safety net support for all Nigerians, particularly those in vulnerable situations, and to meet their basic needs.

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The loan is expected to fund a monthly transfer of N8,000 to 12 million poor and low-income households over a period of six months. The government intends to directly transfer the funds to the beneficiaries’ accounts or mobile wallets to ensure transparency and credibility. This initiative is anticipated to have a positive impact on approximately 60 million individuals, fostering economic activity in the informal sector and enhancing outcomes in nutrition, health, and education for the beneficiary households.

The Senate President, Godswill Akpabio, referred Tinubu’s request to the Committee of the Whole for consideration, explaining that the Senate had not yet formed the committee on local and foreign debt.

READ ALSO: President Tinubu to Appoint Key Figure from Peter Obi’s Presidential Team as Minister

Source: Premium Times

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