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Buhari seeks approval to borrow $800m

Photo: Archive/Radio Nigeria

The President Muhammadu Buhari has requested the Senate to approve an additional loan facility to the tune of $800 million dollars to be secured from the World Bank, for the National Social Safety Net Programme, NASSP. 

In a letter read at plenary by the Senate President Ahmad Lawan, the president explained that the Programme is intended to expand coverage of shock responsive Safety Net support among the poor and vulnerable Nigerians. 

This he said would assist them to cope with the costs of meeting basic needs.

He explained that the Federal Government 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. 

The President Further said that 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. 

Reporting by Amaka Ene; Editing by Annabel Nwachukwu