President Bola Tinubu has requested the approval of the House of Representatives for an additional loan facility to the tune of $800 million from the World Bank for the National Social Safety Net Programme.
The President in a letter addressed to the Speaker, Hon. Tajudeen Abbas, which was read on the floor of the House on Thursday, said the purpose of the facility is to expand the coverage of shock responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting basic needs.
The President said: “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 million poor and low income households for a period of six months.”
He said the initiative would have a multiplier effect on about 60 million individuals.
The President added: “In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ account and mobile wallets.
“It 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 $800 million to be secured from the World Bank for the National Social Safety Net Programme.”
