Buhari seeks approval for $800m loan request, writes Senate

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*President Muhammadu Buhari


(Nigeria) Despite Nigeria's foreign debt profile, now about $41.7billion, President Muhammadu Buhari has written the Senate, asking it to approve a fresh loan request of $800million.

According to a  letter addressed to the President of the Senate, Senator Ahmad Lawan, said: read in full:  "It is with pleasure that I forward the above subject to you. Please note that the Federal Executive Council, FEC, approved an additional loan facitity to the tune of U$800 million to be secured from the World Bank, for the National Social Safety Net Programme, NASSP and the need to request for 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 Govemment 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 household 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.'

*National Assembly

"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 Wortd Bank for the National Social Safety Net Programme, NASSP.

"While hoping that these submissions will receive expeditious consideration by the Senate, please accept, Distinguished Senate President, the assurance of my highest regards."

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