With 18 days to go, Buhari writes Senate, seeks approval for $800m World Bank loan

With less than 18 days to his exit from office, President Muhammadu Buhari on Wednesday wrote to the Senate, requesting approval for $800 million loan from the World Bank.

The proposal comes in response to the Federal Government’s declaration in April that it would be providing a $800 million World Bank grant as part of its palliative measures to about 50 million vulnerable Nigerians or 10 million households.

In a letter read by the President of the Senate, Sen. Ahmad Lawan, Buhari said the loan would be utilized to scale up the National Social Safety Net Programme.

According to him, if the request is approved, N5,000 will be transferred to about 60 million poor Nigerians.

Buhari wrote: “Please note that the Federal Executive Council has 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.

“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.”

Persecondnews recalls that National Executive Council (NEC) had on April 27, 2023, suspended the planned removal of subsidy of petroleum products.

The Minister of Finance, Mrs Zainab Ahmed, who made the announcement after the NEC meeting, said the Council deliberated on the issue and decided that the subsidy issue be left for the incoming administration.

She said discussions were ongoing with the Presidential Transition Council (PTC) and the incoming administration to manage the palliative programme.