The Senate has approved President Bola Tinubu’s request for the sum of 800 million dollars loan as additional funds for the financing of the National Social Safety Net Programme set up by the National Assembly.
Reports say that the Senate also amended the 2022 Supplementary Budget. This followed Tinubu’s request for the approval.
Recall that the President’s request was contained in a letter he forwarded to the upper chambers 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 former President Muhammadu Buhari had approved an additional loan facility to the tune of 800 million dollars 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.