President Muhammadu Buhari has urged the Senate to approve a request for a $800 million loan from the World Bank.
Buhari’s plea was contained in a letter read aloud by Senate President Ahmad Lawan on the floor of the upper legislative house on Wednesday.
The cash, according to the president, would be used to supplement funding for the National Social Safety Net program.
Buhari stated that if the proposal is allowed, N5,000 will be transferred to about 60 million poor Nigerians, stimulating the informal economy and improving health and education.
“Please note that the federal executive council 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 and the need to request your consideration and approval to ensure early implementation. Copy of FEC extract attached,” he said.
“The senate may wish to know 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 basic needs.
“You may wish to note that the federal government of Nigeria, under the conditional cash transfer, 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.
“The NASSP being a social intervention programme, will stimulate the informal sector, improve nutrition, health, education, and human capital development of beneficiaries’ households.”
