Victoria Benedict
President Muhammadu Buhari on Wednesday sought the approval of the upper chamber of the National Assembly to borrow $800 million.
Nigeria’s present debt is at the threshold of N77 trillion and if this borrowing plan is approved by the Senate, the country’s debt would be at the threshold of N77.5 trillion.
President Buhari, in his letter to the Senate, explained that the money, which will be secured from the World Bank, would be used for National Social Safety Net Programme (NASSP).
While explaining that the Programme is intended to expand coverage of shock-responsive Safety Net support among the poor and vulnerable Nigerians, Buhari in
the letter said: “It is with pleasure that I forward the above subject to you. Please note that the Federal Executive Council (F EC) 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 your consideration and approval to ensure early implementation (Copy of FEC Extract attached).
“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.
“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 Senate to kindly approve an additional loan facility to the tune of USD8OO million to be secured from the World Bank for the National Social Safety Net Programme (NASSP).”
According to the letter: “While hoping that these submissions will receive expeditious consideration by the Senate, please accept, Distinguished Senate President, the assurance of my highest regards.”
