Buhari seeks approval for another $800m loan
Says FG will transfer N5,000 per month to 10.2 million poor and low-income households for 6 months
President Muhammadu Buhari has sought approval for another $800 million loan for National Social Safety Net Programme (NASSP) from World Bank less than two weeks to the end of his administration.
President Buhari sought the approval in a letter addressed to the House of Representatives read by the Speaker, Hon. Femi Gbajabiamila, as plenary resumed yesterday.
In the letter, Buhari said the programme will expand coverage of shock responsive Safety Net support among vulnerable Nigerians.
He wrote: “It is with pleasure that I forward the above subject to you. Please note the Federal Executive Council (FEC) approved additional facility of USD800 million to be secured from World Bank, for National Social Safety Net Programme (NASSP) and the need to request for your consideration and approval to ensure early implementation.
“The House may wish to note the programme will expand coverage of shock responsive Safety Net support among vulnerable Nigerians. This will assist them in coping with costs of meeting basic needs.
“You may wish to note that the Federal Government under conditional cash transfer window of the programme will transfer N5,000 per month to 10.2 million, poor and low-income households for six months with a multiplier effect on about 60 million individuals. To guarantee credibility of the process, digital transfers will be made to beneficiaries’ accounts and wallets.
“NASSP, being a social intervention programme, will stimulate activities in informal sector, improve nutrition, health, education and human capital development of households.
“I wish to invite the House to approve additional loan facility of USD800 million to be secured from World Bank,for National Social Safety Net Programme (NASSP).”
“While hoping that this submission will receive expeditious consideration by the House. Please accept, Rt.Honourable Speaker, the assurances of my highest regards.”
The President also transmitted the Federal Fire and Rescue Service (Establishment) Bill 2022 to the House.
It reads: “Pursuant to Section 58(2) of 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith, the Federal Fire and Rescue Service (Establishment) Bill, 2022 for the consideration of the House of Representatives.
“The Federal Fire and Rescue Service (Establishment) Bill, 2022 aims to establish and provide legal and institutional framework for the Fire and Rescue Service.
“While hoping that the Bill will be considered for passage in the usual expeditious manner, please accept, Right Honourable Speaker, the assurances of my highest regards.”
The Speaker referred the letters to the relevant committees as the House adjourned sitting indefinitely after taking the letters from the President.