In a letter addressed to the National Assembly, President Muhammadu Buhari has requested approval for a new loan of $800 million from the World Bank.

Senate President Ahmad Lawan read the President’s request to lawmakers during a session in the Senate.

The President’s letter outlined the purpose of the loan, stating that it would be allocated to the National Social Safety Net Programme.

The aim of this program is to expand the coverage of support provided to the poor and vulnerable in Nigeria, helping them meet their basic needs in the face of economic challenges.

Under this program, the federal government plans to transfer 5,000 naira per month to 10.2 million low-income households for a period of six months, benefiting around 60 million individuals.

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The funds will be directly transferred to beneficiaries’ accounts and mobile wallets to ensure transparency and efficiency.

President Buhari urged the Senate to expedite their consideration and approval of the loan, expressing the importance of timely implementation of the National Social Safety Net Programme.

As of March 31, 2023, Nigeria’s borrowing from the World Bank had already reached $14.34 billion, representing an increase from the $13.93 billion recorded by the Debt Management Office at the end of 2022.

This indicates that Nigeria accumulated an additional $410 million in debt from the World Bank in the first quarter of 2023.