Why I Want Fresh $800m Loan – Buhari Seeks Senate’s Approval | READ DETAILS

Less than three weeks to leave office, the incumbent president of Nigeria, Muhammadu Buhari is seeking the senate’s approval for a $800m palliative loan from the World Bank.

The letter seeking approval from the Assembly, was read on the floor of the Senate by the senate President, Ahmad Lawan on Wednesday, May 10, 2023.

According to the president, the loan which he said the Federal Executive Council (FEC), had already approved, is for the National Social Safety Net Programme.

The letter read in parts;

“Please note that the Federal Executive Council approved an additional loan facility to the tune of $800m to be secured from the World Bank, for the National Social Safety Net Programme and the need to request for your consideration and approval to ensure early implementation.

“The Senate may wish to note that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.

“You may wish to note that, the Federal Government of Nigeria under the conditional cash transfer window of the programme will transfer the sum of N5,000 per month to 10.2 million poor and low-income households 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.

“Given the above, I wish to invite the Senate to kindly approve an additional loan facility to the tune of $800m to be secured from the World Bank for the National Social Safety Net Programme,” expressing hope that the request will “receive expeditious consideration by the Senate.