18 days to go: Buhari seeks Senate’s approval to borrow $800 million

Eighteen days to the expiration of his tenure, President Muhammadu Buhari has sought the approval of the Senate to obtain $800 million loan from the World Bank.

Buhari, in a letter to the Senate read during the plenary by the Senate President, Ahmad Lawan said the upper chamber should 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 their consideration and approval to ensure early implementation.

He said the senate might wish to know that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians, as this would assist them in coping with basic needs.

According to him, the upper chamber might wish to note that the federal government of Nigeria, under the conditional cash transfer, would 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.

Buhari explained that in order to guarantee the credibility of the process, digital transfers would be made directly to beneficiaries’ accounts and mobile wallets.

He argued that the NASSP, being a social intervention programme, would stimulate the informal sector, improve nutrition, health, education, and human capital development of beneficiaries’ households.