Buhari writes senate, seeks approval to borrow $800m from World Bank



President Muhammadu Buhari has asked the senate to approve a request to borrow $800 million from the World Bank.

 

Buhari’s request was contained in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Wednesday.

 

The president said the funds would be used as additional financing of the National Social Safety Net programme.

 

Buhari said if the request is approved, N5,000 will be transferred to about 60 million poor Nigerians which would stimulate the informal sector and improve health and education.

 

 “Please note that the federal executive council approved an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme and the need to request your consideration and approval to ensure early implementation. Copy of FEC extract attached,” he said.

 

“The senate may wish to know 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 basic needs.

 

“You may wish to note that the federal government of Nigeria, under the conditional cash transfer, 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 the informal sector, improve nutrition, health, education, and human capital development of beneficiaries’ households.”

 

The request comes days after the senate approved the sum of N22.7 trillion that was spent by the executive arm of government without the initial approval of the national assembly.


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  1. Chaiii!!!!!!!!!!!!!!! last minute spendings.

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  2. Omoo, this is serious. There is God o

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  3. Why creating more debts that will put the nation into economic slavery.

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  4. Why? Why? Why? are our leaders like this? Do you want the public to go mad with violence before you know the masses are angry with the way you managing this country. Quarter to go this government still want to borrow this much.

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  5. Buhari Oleeeeeeeee, thief. Again? Please tell me one Nigerian that has received one kodo from this useless administration. If you or your neighbor ever received a dime from this administration kindly let me know and would tender my apologies. "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." Imagine, they don't even feel the masses, N5,000. What will that amount buy in 1hr?

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  6. Sai baba πŸ˜„πŸ˜„πŸ‘πŸ‘πŸ˜„πŸ˜„πŸ‘πŸ‘πŸ˜„πŸ˜„πŸ€ΈπŸ€Έ una never see anything.

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  7. When you analyze the actions of our leaders you tend to ask, are they really Nigerians?

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