Buhari Seeks Reps Approval For $800 Million Loan

By Linda Ike

The House of Representatives on Wednesday received a letter from President Muhammadu Buhari seeking approval for an additional financing of the social safety nets programme.

The title of the letter was ” Request For Approval For Additional Financing Of The
National Social Safety Net Programme (Scale-Up) By The National Assembly” addressed to the Speaker, Femi Gbajabiamila.

He wrote” 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 USD800 million to be secured from the World Bank, for the National Social Safety Net Programme (NASSP) and the need to request for your consideration and approval to ensure early implementation (Copy of FEC Extract attached).

“The House 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 household for a period of six month 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 account and mobile wallets.

“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 House to kindly approve an additional loan facility to the tune of USD800 million to be secured from the World Bank, for the National Social Safety Net Programme (NASSP).

“While hoping that this submission will receive expeditious consideration by the House. Please accept, Rt.Honourable Speaker, the assurances of my highest regards.”

The House adjourned definitely after reading the letter to allow members of the 10th Assembly concentrate on their ongoing induction retreat.