Senate okays $800 million loan request for Tinubu

***passes N819,500 billion 2022 supplementary budget

The Senate on Thursday approved President Bola Ahmed Tinubu’s request to borrow the sum of $800 million from the World Bank
President of the Senate, Godswill Akpabio in a remark shortly after the approval was granted said,

“The approval of the request has been granted by the Senate. Let me thank colleagues for today’s deliberation. I must thank all of you for your show of patriotism despite the hiccups. That’s the Senate for you; very matured. Your attitude today has shown your commitment and determination to ensure that the present administration succeeds”

In the letter he wrote to seek the approval, Tinubu had said that the loan is for additional financing of the national social safety net programme set up by the National Assembly”.

He drew attention to the fact that “the Federal Executive Council led by President Muhammadu Buhari GCFR had approved an additional loan facility to the tune of USD800 million to be secured from the world bank to finance the social safety net programme”

He explained that “under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of 8000 a month to 12 million poor and low income households for a period of six months with a multiply effect on about 60 million individuals “

The World Bank facility, government had said, would be utilised to scale up the National Social Safety Net Programme.

President Tinubu further explained that “In order to guarantee the credibility of the process , digital transfers will be made directly to beneficiaries accounts and mobile wallets”

He said ” it is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.

Giving the above, I wish to invite the senate to kindly grant approvals for additional loan facilities USD800milliom to be secured from world bank for the national social safety net programme.”

In another development, the senate passed the ammendments to the N819,500 billion 2022 supplementary budget.

In passing that amended supplementary budget, the senate approved N500 billion for palliatives and other capital expenditure to cushion the effect of the recent subsidy removal policy.

N185,236,937,815 was approved for Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the 6 geopolitical zones.

The sum of N19,200,000,000 was approved for Federal Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the severe flooding experienced last year.

Also, the sum of N35 billion was approved for the National Judicial Council; N10 billion to Federal Capital Territory Administration for critical projects.

The National got N70 billion to to support the working conditions of new members.

Responding to questions at a press briefing, chairman of the Senate’s Committee on Media and Public Affairs, Temi Adaramodu, said the Senate had no reason to doubt the veracity of the data and explanations given by the presidency regarding how the fund for the palliatives will be spent.