Buhari Requests Approval for an Additional $800 Million Loan

In a significant development, President Muhammadu Buhari took a crucial step towards improving the

welfare of vulnerable Nigerians by seeking the approval of the House of Representatives for an additional $800 million loan for the National Social Safety Net Programme (NASSP) from the World Bank. The President's letter, titled "Request for Approval for Additional Financing of National Social Safety Net Programme (Scale-Up)," was read by Speaker Femi Gbajabiamila as the plenary session commenced.

 

President Buhari expressed his pleasure in forwarding the request to the House, emphasizing that the Federal Executive Council (FEC) had approved the acquisition of an additional $800 million from the World Bank to support the National Social Safety Net Programme (NASSP). The President highlighted the urgent need for the House's consideration and approval to ensure the swift implementation of the program.

 

He further explained that the expanded coverage of the shock-responsive Safety Net support under the NASSP would effectively assist vulnerable Nigerians in managing the costs associated with meeting their basic needs. Notably, through the conditional cash transfer window, the Federal Government would transfer N5,000 per month to 10.2 million poor and low-income households for a duration of six months, benefiting approximately 60 million individuals. To ensure transparency and accountability, the funds would be digitally transferred directly into the beneficiaries' accounts and wallets.

 

President Buhari emphasized that the NASSP, being a social intervention program, would stimulate activities within the informal sector, enhance nutrition, improve health, and contribute to the overall human capital development of households. He concluded his letter by inviting the House to approve the additional loan facility of $800 million from the World Bank for the implementation of the National Social Safety Net Programme (NASSP).

 

Alongside the loan request, the President transmitted the Federal Fire and Rescue Service (Establishment) Bill 2022 to the House for consideration. The bill aimed to establish a legal and institutional framework for the Fire and Rescue Service, ensuring better emergency response and protection across the nation.

 

The Speaker referred both the loan request and the bill to the relevant committees for thorough examination and evaluation.

 

After the President's letters were received, the House adjourned the sitting indefinitely. However, the adjournment motion was not without controversy. Hon. Ibrahim Isiaka moved the motion, citing the ongoing induction of lawmakers as a reason for the adjournment. Deputy Speaker Hon. Ahmed Wase opposed the motion, stating that the induction should not hinder the House's proceedings. Nevertheless, other lawmakers argued that it would be unfair to continue with the sitting while members were expected to participate in the induction.

 

Ultimately, a motion was passed to adjourn the House until the conclusion of the induction, which was expected to end on Friday.