President Bola Tinubu has requested the Senate to permit his administration to proceed with the processing of a $800 million World Bank credit facility requested by the President Muhammadu Buhari’s administration to support the National Safety Net Programme.

The president’s request was contained in a letter read in plenary on Thursday by Senate President Godswill Akpabio.

Recall that the last administration requested Senate approval two weeks before the end of his administration in May to get a $800 million loan facility from the World Bank to be allocated to poor and vulnerable households.

The Nigerian leader, in the letter, exposed that the reason for obtaining the loan facility is to “expand coverage of shock responsive safety net support for all and vulnerable Nigerians” and “to meet the cost of their basic needs.”

Tinubu promised that the federal government would give N8,000 to 12 million poor and low-income households every month for the next six months.

He stressed that the funds would be sent to the accounts of identified beneficiaries.

The letter reads:

“It is with pleasure that I refer the above matter to you. Please note that the Federal Executive Council led by President Muhammadu Buhari GCFR had approved an additional loan facility to the tune of USD 800 million to be secured from the world bank to finance the social safety net programme. Copy of the Federal Executive Council extract is attached here.

“You may also wish to know that the purpose of the facility is to expand coverage of shock responsive safety net support for all and vulnerable Nigerians and the….at the cost of meeting basic needs.

You may further wish to note that under the conditional cash transfer window of the programme, the Federal Government of Nigeria will transfer the sum of 8,000 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.

“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets. It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.

“Given 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,” the letter said.