The Nigerian Senate has received President Bola Tinubu’s request for approval of Additional Financing of the National Social Safety Net programme to the tune of $800 million.
The request is contained in a letter read by the President of the Senate, Godswill Akpabio, during plenary on Thursday.
According to Tinubu, under the Conditional Cash Transfer Window of the programme, the Federal Government of Nigeria will transfer N8,000 per month to twelve million poor and low-income households for six months, with a multiplier effect of about sixty million individuals.
He added that to guarantee the credibility of the process, digital transfers will be made directly to the beneficiary’s account and mobile wallet.
He further noted that the Federal Executive Council, led by President Muhammadu Buhari, approved an additional loan facility of Eight Hundred Million United States Dollars to be secured from the World Bank for the National Social Safety Net Programme.
The letter also states that the purpose of the facility is to expand coverage of shock-responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting basic needs.
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He explained that the programme will stimulate economic activity in the informal sector, and improve nutrition, health, and education outcomes, for beneficiary households.
He urged the lawmakers to expeditiously approve the additional loan facility of Eight Hundred Million United States Dollars, to be secured from the World Bank, for the National Social Safety Net Programme.
(Editor: Ifeanyi Mark)
