President Bola Tinubu has asked the Senate to permit his administration to go ahead with the processing of a $800m loan facility from the World Bank requested by the administration of former President Muhammadu Buhari to finance the National Safety Net Programme.

The president’s request was in a letter read by the Senate President, Godswill Akpabio, at the plenary on Thursday.

About two weeks before the end of his administration in May, Mr Buhari requested the approval of the Senate to obtain a loan facility of $800m from the World Bank to be distributed to poor and vulnerable households.

The then Ahmad Lawan-led Senate referred the request to the Senate Committee on Local and Foreign Debt, but the committee did not report to the Senate before the administration’s tenure ended on 29 May.

In the letter, Mr Tinubu noted that the reason for obtaining the loan facility is to “expand coverage of shock responsive safety net support for all and vulnerable Nigerians” and “to meet the cost of their basic needs.”

He assured that the federal government would transfer the sum of N8,000 monthly to 12 million poor and low-income households for six months.

Mr Tinubu stated that the monies would be transferred to identified beneficiaries’ accounts.

The Letter
“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 of USD 800 million to be secured from the world bank to finance the social safety net programme. Copy of the Federal Executive Council extract is attached here.

“You may also wish to know that the purpose of the facility is to expand coverage of shock responsive safety net support for all and vulnerable Nigerians and the….at the cost of meeting 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 8,000 a month to 12 million poor and low-income households for a period of six months with a multiply 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 and education outcomes for beneficial households.

“Given the above, I wish to invite the Senate to kindly grant approvals for additional loan facilities USD800milliom to be secured from World Bank for the National Social Safety Net Programme,” the letter said.

The Senate President, however, referred the request to the Committee of the Whole for consideration on the ground that the Senate has yet to constitute the committee on local and foreign debt.

https://www.premiumtimesng.com/news/609586-just-in-tinubu-writes-senate-seeks-approval-for-800m-loan-requested-by-buhari-from-world-bank.html

Previous Thread:
https://www.nairaland.com/7684308/buhari-seeks-senate-approval-800m#123052951

Good move, borrow more and loot all, Nigerians (mandate standers) supports you.

This tinubu $800m borrowing will favor us in a way that we will learn the hard way.

TemplarLandry:

You go book space finish go smoke Igbo sleep off without modification

Some sophisticated people that called for buhari's head on a platter will see nothing wrong with this

#8000? In this present Nigeria, #8000 can't comfortably feed a family of 4 for two weeks

Hollandia milk of #250 is now #300. Well, make we dey look sha

Nigeria government and borrowing of money with nothing to write home about at the end of the day are like 5 and 6

marlow1962:
Good move, borrow more and loot all

This tinubu $800m borrowing will favor us in a way that we will learn the hard way.

Only the courts can save us

How can Nigeria continue with this stupid thinking that the solution to any economic challenge is the impulsive urge to go borrowing? No nation survive with this senseless mentality.

Them done start, the money that have been recovered from looters can't they use such money?

Anything to stabilize the economy is welcome...USA are the most industrialized country in the world even with huge debt

I'm fine if we can have 6 Lagos across all zones even with a super-massive debt

Obi-dogs financial expert can come over to wail again

brouhahaha we told them but them say we be towncriers

SAME CLOWNS..... DIFFERENT COSTUMES

lolz

The new sherrif borrower in town!


Wittyness

Election expenses recovery fund actually!

Ihateheadslamer:
Nigeria government and borrowing of money without nothing to write home about at the end of the day are like 5 and 6

Nigerians love it, so they can keep borrowing.

Borrowing no be the Problem, na wetin una wan use am do?

Abeg make we reduce our borrow-borrow and debt profile joor.

You what?!
Despite subsidy removal?

May this loan favour me & my family .

We have stopped subsidy. we were told we spend billions on subsidy daily. The one we have saved so far from subsidy removal where the money kept and what is it for?

Why do we need to increase our debt profile if we have really blocked the pipe for leakages.

Ah! This regime might be comparable to Mortal Kombat in the long run because with the rate they are going, the next we will hear is "Finish Nigerians" and the 16 button moves will lead to throwing the country into eternal comatose.

Lol
Typical Yoruba governance model. Complete lack of creativity, borrowing and overtaxation.

Not another loan, and what’s the meaning of 8k palliative to families…
Ordinary 8k stomach infrastructure??

This money should be use for infrastructure that generates revenue
Borrow youth money for business at single digit interest

Won de oh!!!

DevilsEqual:
Anything to stabilize the economy is welcome...USA are the most industrialized country in the world even with huge debt

I'm fine if we can have 6 Lagos across all zones even with a super-massive debt

Obi-dogs financial expert can come over to wail again

In comparison to d US you mentioned, what does nigeria have to show for it's loans?

May this $800M favour me and my family

Here we go again