President Tinubu had stressed that the loan facility will expand coverage of shock-responsive safety net supports for all vulnerable Nigerians and the cost of meeting basic needs under the Conditional Cash Transfer window of the National Social Safety Net Programme.
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The House of Representatives has announced the composition of an Ad-hoc committee on Aids, Loans, and Debts management, which is scheduled to consider the request of President Bola Ahmed Tinubu for an additional loan facility of eight hundred million dollars ($800m) to finance the National Social Safety Net Programme.
At the session on Tuesday, presided over by the Deputy Speaker, Rep Benjamin Kalu, House Leader. Rep. Julius Ihonvbere was announced as Chairman of the Committee while the Chief Whip; Rep. Bello Kumo, Deputy House Leader; Rep. Abdullahi Halims, and Deputy Majority Whip; Rep. Oriyomi Onanuga are listed as members of the Committee.
Other Committee members are Minority Leader, Rep. Kingsley Chinda, Minority Whip; Rep. Ali Isa JC, Deputy Minority Leader; Rep. Ali Madaki, and the Deputy Minority Whip; Rep. George Ebizimawo.
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President Bola Tinubu had written both chambers of the National Assembly requesting their approval of an additional loan facility of eight hundred million dollars ($800m) to be secured from World Bank for the National Social Safety Net Programme.
According to the President, the loan will enable the transfer of the sum of eight thousand naira (N8,000) monthly to twelve (12) million poor and low-income households for a period of six months with a multiplier effect on about sixty (60) million individuals.
In his letter, he stressed that the facility will expand coverage of shock-responsive safety net supports for all vulnerable Nigerians and the cost of meeting basic needs under the Conditional Cash Transfer window of the programme.
He further explained that to ensure accountability and credibility, digital payments would be delivered directly to beneficiaries’ accounts and mobile wallets to encourage economic activity in the unorganized sector and enhance the nutrition, health, and educational outcomes for benefiting households.
