• Sunday, June 16, 2024
businessday logo

BusinessDay

Tinubu seeks Senate approval for $800m loan, to transfer N8,000 to 12m Nigerians

Don’t lose hope in Tinubu’s administration, APC diaspora chieftain urges Nigeria

President Bola Tinubu has requested the Senate to grant the approval of $800 million additional loan facilities to be secured from the World Bank for the National Social Safety Net Programme.

The government intends to transfer N8,000 monthly to 12 million poor and low income households for a period of six months with a multiplier effect on about 60 million individuals.

Tinubu’s request is contained in a letter sent to the Senate and read by the President of the Senate, Senator Godswill Akpabio during the plenary on Thursday.

According to the letter, the purpose of the facility is to expand coverage of shock responsive safety net support for all and vulnerable Nigerians and the cost of meeting basic needs under the conditional cash transfer window of the programme.

The letter informed that in order to guarantee the credibility of the process digital transfers will be made directly to beneficiaries accounts and mobile wallets to stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.

Tinubu hoped that the submission would receive expeditious consideration by the Senate.

” It is with pleasure that i refer the above matter to you, Please note that the federal executive council led by president Muhammadu Buhari GCFR had approved an additional loan facility to the tune if $800 million to be secured from the world bank to finance the social safety net programme, copy of the federal executive council is extract is attached here”.

Also, President Tinubu has requested that the Senate approve N500 billion to allow the federal government to provide palliatives to cushion the effects of petrol subsidy removal on Nigerians.

The letter proposed an amendment to the 2022 Supplementary Appropriate Act.

The request is necessary to, among other things, source for funds necessary to provide palliatives to mitigate the effects of the removal of fuel subsidy on Nigerians and also hoped the Senate will consider his request.

“Thus, the sum of N500 billion only has been extracted from the 2022 supplementary act of N819,536,937,815 for the provision of palliatives to cushion the effects of petrol subsidy removal.”

Recall that Last year December, the national assembly passed a supplementary budget of N819 billion for the 2022 fiscal year, the legislature also extended the implementation of the 2022 budget till March 31, 2023.

In May 2023, the national assembly passed the amendment to the 2022 supplementary budget to extend the implementation of the capital components to December 2023.