The Senate has granted accelerated approval to President Bola Tinubu’s request for an $800 million loan. The approval came after Senate Leader Opeyemi Bamidele moved a motion to that effect during a session on Thursday.
Tinubu had submitted the loan request to scale up the national social safety net program and mitigate the impact of petrol subsidy removal.
The loan, which will be sourced from the World Bank, aims to transfer N8,000 monthly to 12 million poor and low-income households for a period of six months. The funds will be digitally transferred directly to beneficiaries’ accounts and mobile wallets to ensure transparency and credibility.
The national social safety net program was established by the Buhari administration as a replacement for the subsidy reinvestment and empowerment program (SURE-P) implemented during the administration of former President Goodluck Jonathan.