Buhari Seeks Senate’s Approval for Nigeria to Borrow $800m from  World Bank 

President Muhammadu Buhari on Wednesday, asked the Senate to approve a fresh $800 million loan from the World Bank to enable his administration sustain its social investment programme for poor and vulnerable Nigerians.

This comes just as the Director General of the Budget Office of the Federation, Mr. Ben Akabueze, on Wednesday, raised the alarm that the nation’s debt profile was becoming unsustainable.

Buhari, in the letter, read at plenary by the President of the Senate, Ahmad Lawan, explained that the approval of the loan would specifically enable his government to continue with the conditional cash transfer window of the programme.

He said the government 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 said in order to guarantee the credibility of the process, digital transfers would be made directly to beneficiaries’ accounts and mobile wallets.

Part of the letter read: “It is with pleasure that I forward the above subject to you. Please note that the Federal Executive Council (FEC) 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 (NASSP).

“There is the need to request for your consideration and approval to ensure early implementation. The Senate, may wish to note that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs.

“You may wish to note that the federal government of Nigeria under the conditional cash transfer window of the programme will 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.

“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.”

The letter further read: “The NASSP being a social intervention programme will stimulate activities in the informal sector, improve nutrition, health, education and human capital development of beneficiary households.

“Given the above, I wish to invite the Senate to kindly approve an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net Programme (NASSP).

“While hoping that these submissions will receive expeditious consideration by the Senate, please accept, Distinguished Senate President, the assurance of my highest regards.”

Sunday Aborisade and Udora Orizu

Follow us on: