BREAKING: President Tinubu Writes Senate, Seeks Approval for $800m World Bank Loan
- The Nigerian Senate has been urged to approve $800 million from the World Bank to finance the National Safety Net Programme
- President Bola Ahmed Tinubu made the request in a letter sent to the Senate on Thursday, July 13
- The President also asked federal lawmakers to amend the 2022 Supplementary Appropriation Act
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FCT, Abuja - President Bola Ahmed Tinubu has written a letter to the Nigerian Senate seeking its approval to obtain a loan facility of $ 800 million from the World Bank to finance the National Safety Net Programme of the Federal Government.
Godswill Akpabio, the Senate President, disclosed this on Thursday, July 13, while reading the letter at the plenary session, The Nation reported.
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According to the president, the $800 million loan facility will be used to support poor Nigerians and disbursed to poor households across the country.
Tinubu explained that the loan is an extension of the unconditional cash transfer being implemented by the Federal Government.
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The President also urged the Senate to approve N500 billion request to provide palliatives to cushion the effect of fuel subsidy removal on Nigerians.
Tinubu’s letter to the Senate reads in part:
“Please note that the Federal Executive Council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million 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.
President Tinubu announces 12m households will get N8,000 for 6 months, Nigerians react
Meanwhile, Legit.ng reported that President Bola Ahmed Tinubu has said 12 million families will get N8,000 over six months to lessen the hardships faced by Nigerians as a result of subsidy removal.
In a letter to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Thursday, July 13, Tinubu said it was support to enable poor and vulnerable Nigerians to cope with the cost of meeting basic needs.
President Tinubu seeks approval of N500bn from NASS, gives reason
Legit.ng also reported that President Bola Tinubu has the national assembly to amend the 2022 supplementary appropriation act so that the federal government, under his watch, can source N500 billion palliative to cushion the fuel subsidy removal's effect.
This was disclosed in a letter read on the floor of the House of Representatives by the Speaker, Tajudeen Abbas, on Wednesday, July 12.
Source: Legit.ng
