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President Buhari Writes Senate, Seeks Approval for $800m Loan

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President Muhammadu Buhari has submitted a request to the Senate, seeking approval to borrow a substantial sum of $800 million from the World Bank. 

The Senate President, Ahmad Lawan, read the letter from President Buhari on Wednesday during a session of the upper legislative chamber. 
 
The President revealed that the funds will be allocated as supplementary financing for the National Social Safety Net programme. 

According the president, if granted, approximately 60 million impoverished Nigerians would receive N5,000, which would provide stimulation to the informal sector and enhance healthcare and education. 
 
“Please note that the federal executive council 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. Copy of FEC extract attached,” he said.

“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.”
 
The National Social Safety Net Programme, as a social intervention scheme, will boost the informal sector and enhance nutrition, health, education, and human capital development for the beneficiaries' households.


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