Bola Tinubu, called upon the Senate on Thursday, July 12, 2023 to revise the 2022 Supplementary Appropriation Act and endorse a proposal for procuring an $800 million loan from the World Bank.
This loan would serve to finance the National Safety Net Programme of the Federal Government. Senate President Godswill Akpabio read the President's appeal during the plenary session.
In the letter addressed to the Senate, the President expressed that the $800 million loan facility aims to provide support to impoverished Nigerians and would be distributed among disadvantaged households nationwide. The President stated that this facility is an extension of the ongoing unconditional cash transfer program implemented by the Federal Government.
Additionally, on Thursday, the President urged the Senate to approve a request for ₦500 billion to offer relief measures to alleviate the impact of fuel subsidy removal on Nigerian citizens.
Tinubu's letter requesting the $800 million loan from the World Bank stated: "Please be aware that the Federal Executive Council, led by President Muhammadu Buhari, has approved an additional loan facility of $800 million to be acquired from the World Bank for the National Social Safety Net program. A copy of the FEC's extract is attached.
"Furthermore, it is worth noting that the purpose of this facility is to expand the coverage of shock-responsive safety net support for impoverished and vulnerable Nigerians. This will assist them in coping with their basic needs.
"Moreover, it should be noted that under the conditional cash transfer window of the program, the Federal Government of Nigeria will transfer the sum of ₦8,000 per month to 12 million impoverished and low-income households for a duration of six months, benefiting approximately 60 million individuals.
"To ensure the credibility of the process, digital transfers will be directly made to beneficiaries' accounts and mobile wallets.
"It is expected that the program will stimulate economic activities in the informal sector and enhance nutrition, health, education, and human capital development within the households of the beneficiaries.
"In light of the aforementioned, I humbly request the Senate to kindly grant approval for the additional loan facility of $800 million to be acquired from the World Bank for the National Social Safety Net Program.
"While hoping for prompt consideration of this submission by the Senate, please accept my highest regards."