Pres. Bola Ahmed Tinbu
HighlightTrending Story

Tinubu seeks Senate’s approval for $800 million World Bank loan

268

President Bola Ahmed Tinubu on Thursday submitted a request to the Senate for a $800 million World Bank loan approval.

The request is coming barely 24 hours after the President forwarded to the National Assembly an amendment to the 2022 supplementary Appropriation Act to allow the Federal Government source N500 billion for palliatives to cushion the effect of the petrol subsidy removal.

In a letter addressed to the Speaker of the House of Representatives, Mr Tajudeen Abbas, and read at plenary on July 12, Tinubu said the money will be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.

Persecondnews recalls that former President Muhammadu Buhari had sent the same $800 million loan request to the 9th Senate in May, but the Assembly was unable to review the request before its term ended on June 11, 2023.

In the letter read by the Senate President, Godswill Akpabio, during Thursday’s plenary, Tinubu explained that the loan, which would be obtained from the World Bank, is intended to expand the National Social Safety Net Programme (NSSNP).

Tinubu’s letter reads: “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 program. A copy of FEC’s extract is 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.

“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, 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.

“It is expected that the programme, will stimulate economic activities in the informal sector, and improve nutrition, health, education, and human capital development of beneficiaries’ households.

“Given the above, I wish to invite the Senate to kindly grant approval for the additional loan facility of $800 million to be secured from World Bank for the National Social Safety Net Programme.

“While hoping that this submission will receive expeditious consideration by the Senate, please accept the assurances of my highest regards.”

Meanwhile, the House of Representatives on Thursday amended the 2022 supplementary Appropriation Act and approved Tinubu’s request to source for N500 billion from the approved budget to provide subsidy palliatives for Nigerians.

The lawmakers urged the President to ensure judicious use of the funds as requested.

Leave a comment

Related Articles

Breaking: Supreme Court Nullifies National Lottery Act

The Supreme Court on Friday nullified the National Lottery Act 2005 enacted...

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...

Exclusive: Eguavoen Opens Up on Declining NFF Contract Extension, Reveals Reasons

Super Eagles Coach, Austin Eguavoen, has revealed why he declined the Nigeria...

Boost for Nigeria’s Oil Production As NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation, and...

Just in: FG sacks varsity Pro-Chancellor for misconduct

The Minister of Education, Dr. Tunji Alausa, has announced the removal of...

Just in: INEC presents Certificates of Return to Ondo Gov. Aiyedatiwa, deputy

The Independent National Electoral Commission (INEC) has presented Certificates of Return to...

Breaking: Senate sacks Danladi Umar, Code of Conduct Tribunal chairman  

Following proven allegations of gross misconduct and unacceptable behaviour, the Senate on...

Just in: South Africa takes over G20 Presidency from Brazil, first African nation to lead the bloc

South Africa has taken over the presidency of the G20 from Brazil,...

Tinubu submits 3 INEC REC, federal commissioner-nominees for Senate’s approval

President Bola Tinubu has sent the name of Ondo Resident Electoral Commissioner,...