Pres. Bola Ahmed Tinbu
HighlightTrending Story

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

327

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

Pastor Abel Damina Criticizes Nigerian Gospel Artists, Compares Them to Secular Musicians

Controversial Nigerian pastor, Abel Domina, has sparked a heated debate over the...

Tinubu’s Renewed Hope Agenda in full swing – SGF, Akume

The Secretary to the Government of the Federation, Sen. George Akume, has...

NPA Announces 15% Port Tariff Increase, First in 32 Years

The Federal Government, through the Nigerian Ports Authority (NPA), has announced a...

Just in: Senate confirms Capt. Najomo’s appointment as NCAA’s DG

The Senate has confirmed Capt. Chris Ona Najomo’s appointment as the Director...

Just in: Reps committee proposes 31 new states, Lagoon, Ijebu, Anioma, New Kaduna, Ibadan other make the list

The House of Representatives Committee on Constitution Review has proposed the creation...

NNPC Ltd/First E&P JV Achieves 96% Reduction in Routine Gas Flaring

The NNPC Ltd and First Exploration & Petroleum Development Company Limited (First...

Kemi Badenoch’s Citizenship Plan Sparks Outrage: “Burning the Ladder” for Future Immigrants?

Kemi Badenoch’s proposal to increase the waiting period for British citizenship from...

Electricity Workers Embark on Indefinite Strike, Shut Down Ogun IBEDC Office Amid Labour Dispute

The Ibadan Electricity Distribution Company (IBEDC) workers began an indefinite strike on...

Just in: Edo tribunal adjourns after INEC fails to present witnesses

The Edo State Governorship Election Petitions Tribunal adjourned its proceedings on Thursday...

Just in: Decomposing body of Anambra lawmaker discovered on 2nd Niger Bridge

The decomposing body of a member of Anambra State House of Assembly,...

Nigeria’s Treasury Bills Auction Sees Strong Demand for 364-Day Tenor

The Central Bank of Nigeria (CBN) has released the results of its...

Passport ranking: Nigerians free to travel without visa to some non-African countries

Despite Nigeria’s low passport ranking which limits access to many countries, Nigerian...

Ex-NIMASA boss, Dakuku Peterside, opposes oil exploration resumption in Ogoni land until….

Dr. Dakuku Peterside, a former Director General of the Nigerian Maritime Administration...

Heirs Holdings Announces Key Leadership Appointment, Names Chidi Okpala Executive Director

Heirs Holdings has announced a further strategic leadership appointment with the naming...

Tinubu seeks Senate’s approval to sack 3 INEC’s Resident Electoral Commissioners

President Bola Tinubu has requested Senate’s approval to terminate the appointments of...

Septuagenarian’s assault: Ogun monarch fails to meet bail conditions, remanded in prison

The suspended traditional ruler of Orile Ifo, Oba Abdulsemiu Ogunjobi,has been remanded...

NSC Pledges Support as Team Nigeria Heads to Badminton Championship in Douala

The National Sports Commission (NSC) has reaffirmed its commitment to supporting Nigerian...

Tinubu Approves 65 Years Retirement Age for Doctors, Healthcare Workers

President Bola Tinubu has approved a new retirement age for doctors and...

Exclusive: Updated: Fatal Fight in Utako Market, Abuja, Claims Life, Suspect Detained by Police

A fight between two traders at Utako market in Abuja turned deadly...