Buhari Seeks Senate Approval For $800 Million Loan

President Muhammadu Buharii on Wednesday sought approval of the Senate to borrow N368 billion ($800 million) to distribute to 60 million Nigerians in order to cushion effect of fuel subsidy removal.

This request is coming 19 days when the administration of Buhari will end his tenure.

The request is contained in a letter read by the President of the Senate Ahmed Lawan during plenary.

President Buhari in the letter to the National Assembly explained that the federal executive council approved an additional loan facility of $800 million to be secured from the World Bank to fund the national social safety network programme.

According to him, the programme is intended to expand coverage of short responses and safety net support among the poor and vulnerable Nigerians.

He added that the Federal government of Nigeria under the conditional cash transfer window of the programme will transfer the sum of N5000 per month to 10.2 million poor and low income household for a period of six months with a multiplier effect on about 60 million individuals.

He stated that, in order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries account  and   their mobile wallets. 

 The request further states that  the NASSP, being a social intervention programme,  will stimulate activities in the informal sector , improve nutrition, heath, education, and human capital development of beneficiaries’ households.

He urged the lawmakers to expeditiously consider the request.