Nigerian Senate Approves Tinubu’s $800M Request For Social Safety Net

The Nigerian Senate has approved President Bola Tinubu’s request for the sum of $800 million loan as additional fund for the financing of the National Social Safety Net Programme set up by the National Assembly.
The Senate also amended the 2022 Supplementary Budget.
This followed Tinubu’s request for the approval. The President’s request was contained in a letter he forwarded to the upper chamber through the President of the Senate, Godswill Akpabio, which was read on the floor of the Assembly during plenary.
Tinubu explained that the Federal Executive Council led by ex-President Muhammadu Buhari had approved an additional loan facility to the tune of $800 million to be secured from the World Bank, to finance the Social Safety Net Programme.
The President noted further that the purpose of the facility was to expand coverage of shock responsive safety net supports for all and vulnerable Nigerians to meet the cost of their basic needs.

President Bola Tinubu Wednesday in Abuja assured Nigerians that the framework for palliatives to remedy the effects of fuel subsidy removal was being worked out, assuring that the decision was in the best interest of the country, especially in guaranteeing future prosperity.
President Tinubu, who received 18 governors who served with him, Class of 1999, at the Presidential Villa, appealed for more patience from Nigerians, while the government will increase effort, speed up the process and ensure a full-proof social security structure that will not be compromised, especially in cash-transfer.
“I understand that our people are suffering yet there can be no childbirth without pain. The joy of childbirth is the relief that comes after the pain. Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the country for the largest number over a few smugglers.
“Please tell the people to be a little patient.
The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country,’’ he told the governors, who were led by former Governor of Edo State, Lucky Igbinedion.
“We served as governors and sat in this Council Chamber. All I wanted was democracy and the salvation of the country. I never thought I was going to be here as President, but God Almighty has brought me,’’ President Tinubu stated.