Sarah Johnson
Thu, Jul 13, 2023 6:55 PM

President Tinubu Requests Senate Approval for $800 Million Loan to Expand Social Safety Net Programme

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President Tinubu Requests Senate Approval for $800 Million Loan to Expand Social Safety Net Programme
President Bola Tinubu has requested the Senate to approve an additional $800 million loan to expand the coverage of the national social safety net programme in Nigeria. The loan will support 12 million Nigerians, providing them with N8000 per month for six months. The funds will be transferred directly to beneficiaries' accounts and mobile wallets, benefiting about 60 million individuals. The programme aims to stimulate economic activities and improve the well-being of vulnerable households.

ABUJA - President Bola Tinubu has written a letter to the Senate requesting approval for an additional $800 million loan to expand the coverage of the national social safety net programme in Nigeria. The loan aims to support the most vulnerable Nigerians by assisting them in coping with their basic needs.

If approved, 12 million poor and low-income households will receive N8000 per month for a period of six months. This initiative will have a multiplier effect, benefiting approximately 60 million individuals across the country. The funds will be transferred directly to beneficiaries' accounts and mobile wallets, ensuring transparency and credibility in the process.

The main goal of the expanded social safety net programme is to stimulate economic activities in the informal sector and improve the overall well-being of beneficiaries' households. By providing direct transfers, the programme aims to address issues related to nutrition, health, education, and human capital development.

President Tinubu's request highlights the importance of safeguarding families from economic shocks, natural disasters, and other crises. Social safety net programs play a critical role in mitigating the negative impacts of such events on vulnerable populations.

In a separate letter, President Tinubu also requested the Senate's approval for the amendment of the 2022 supplementary appropriation act. The amendment seeks to allocate 500 billion naira to provide palliatives that will cushion the effects of fuel subsidy removal on Nigerians.

The President emphasized the need to source funds to support citizens affected by the recent changes in fuel subsidy. This allocation will help alleviate the financial burden faced by Nigerians due to the removal of fuel subsidies.

It is expected that the Senate will give prompt consideration to President Tinubu's requests, as these initiatives are vital for supporting vulnerable populations and ensuring the overall well-being of Nigerians.

The additional loan facility and the amendment of the 2022 supplementary appropriation act demonstrate the government's commitment to addressing the socioeconomic challenges faced by citizens. These measures aim to promote economic stability, enhance social welfare, and provide a safety net for those in need.

As these proposals move forward, it is crucial for stakeholders to monitor their implementation and ensure that the funds are disbursed efficiently, reaching the intended beneficiaries effectively.

By expanding the national social safety net programme and providing palliatives in response to fuel subsidy removal, Nigeria can take significant strides towards reducing poverty, improving living conditions, and fostering inclusive economic growth.

The approval of the $800 million loan and the amendment of the 2022 supplementary appropriation act will mark important milestones in the government's efforts to promote social protection and support vulnerable populations in Nigeria.

Source of content: OOO News 2023-07-13 News

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