FG seeks additional $800m loan from World Bank

Spread the love

Abuja, May 11, 2023 – The Federal Government is planning to take N800 million loan from the World Bank to extend the country’s social security net.

This may not be unconnected with the $800 million offered to Nigeria to provide palliatives to mitigate effects of the planned petrol subsidy removal.

Buhari, on Wednesday, wrote to the National Assembly seeking approval to take the new loan.

Ahmad Lawan, the President of the Senate, read the letter at Wednesday’s plenary.

The President wrote: “Please note that the Federal Executive Council approved an additional loan facility to the tune of $800m to be secured from the World Bank, for the National Social Safety Net Programme and 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.

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

Leave a Reply

Your email address will not be published. Required fields are marked *