President Bola Tinubu has asked the senate to approve a
borrowing request of $800 million.
The president’s request was in a letter read by Godswill
Akpabio, senate president, during plenary on Thursday.
Tinubu, in the letter, explained that the loan will be used
to scale up the national social safety net programme.
He said the new borrowing will be sourced from the World Bank.
He assured that the federal government will transfer the sum
of N8,000 monthly to 12 million poor and low-income households for six months.
He said the money would be transferred directly to
identified beneficiaries’ accounts.
“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 programme. Copy of FEC’s extract attached,” the letter reads.
“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.”
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@BAT, I disagree with you on sharing of 8k monthly to poor Nigerians as palliative. Whoever gave this advice is not helping matters. In today's Nigeria, 8k is nothing.
ReplyDeleteWhy not use the entire funds to address and revive ailing factories and industries? I wonder why our refineries still refuse to work and no one is being built to serve Nigeria