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Tuesday, October 3, 2023

Buhari urges Senate to approve fresh $800m loan request

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By Sanni Onogu,

President Muhammadu Buhari on Wednesday urged the Senate to approve a fresh loan request of $800m.

Buhari, in a letter read by Senate President Ahmad Lawan at plenary, said the loan would be utilised to scale-up the National Social Safety Net Programme.

He added the loan would be sourced from the World Bank. Buhari said the intervention programme would stimulate activities in the informal sector, improve nutrition, health, education, and human capital development for beneficiary households.

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Buhari’s letter titled: “Request for approval for additional financing of the National Social Safety Net Programme scale-up by the National Assembly” reads in part: “It is with pleasure that I forward the above subject to you.

“Please note that the Federal Executive Council (FEC) approved an additional loan facility to the tune of USD800 million to be secured from the World Bank for the National Social Safety Net Programme.

“This request is for 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.

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“This will assist them in coping with the cost of meeting basic needs. You may wish to note that the Federal Government of Nigeria under the conditional cash transfer window of the programme will transfer the sum of N5000 to 10.2 million poor and low income households for a period of six months with a multiplier effect of about 60million individuals.

“In order to guarantee the credibility of the process, digital transfers would be made directly to beneficiaries’ accounts and mobile wallets.

“The NASSP being a social intervention programme will stimulate activities in the informal sector, improve nutrition, health, education, and human capital development for beneficiary households.

“Given the above, I wish this USD800 million to be secured from the World Bank for the National Social Safety Net Programme (NASSP).”

 

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