President Bola Ahmed Tinubu has submitted a letter to the Senate, requesting approval for a borrowing request of $800 million for the National Social Safety Net Programme. The loan, sourced from the World Bank, aims to provide financial assistance to poor and vulnerable Nigerians.
According to the letter read by Senate President Godswill Akpabio during plenary, the loan will be used to transfer N8,000 per month to 12 million poor and low-income households for a period of six months. The program’s objective is to expand the coverage of shock-responsive safety net support and help beneficiaries cope with basic needs.
Tinubu highlighted that digital transfers would be made directly to beneficiaries’ accounts and mobile wallets to ensure the credibility of the process. The program is expected to stimulate economic activities in the informal sector and improve the nutrition, health, education, and human capital development of households.
Former President Muhammadu Buhari had previously made a similar request to the 9th Senate in May, but it was not considered before the end of their tenure on June 11. The National Social Safety Net Programme is a government-run initiative launched in 2016 to provide financial assistance to impoverished and vulnerable Nigerians.
