By Doris Israel Ijeoma
President Muhammadu Buhari has submitted a formal request to the Nigerian Senate, urging them to approve a loan of $800 million from the World Bank.
The president’s request, aimed at securing funds for the National Social Safety Net program, was conveyed through a letter read by Senate President Ahmad Lawan during a session held on Wednesday.
The proposed loan is intended to support the implementation and expansion of the National Social Safety Net program, a crucial initiative designed to alleviate poverty and provide assistance to vulnerable segments of the Nigerian population. The program aims to create a more inclusive and equitable society by offering targeted interventions and social welfare benefits to those in need.
President Buhari’s request comes as part of the government’s ongoing efforts to prioritize the welfare of its citizens and address socioeconomic challenges. By seeking financial support from the World Bank, the Nigerian government aims to bolster the effectiveness and reach of the National Social Safety Net program, ensuring that the most vulnerable individuals and communities receive adequate support.
The National Social Safety Net program encompasses various components, including conditional cash transfers, school feeding programs, micro-credit schemes, and vocational training initiatives. These interventions aim to uplift the lives of Nigerians living in poverty and empower them with the necessary resources to improve their socio-economic conditions.
If approved by the Senate, the $800 million loan from the World Bank will be instrumental in scaling up the program’s operations and extending its coverage to a larger number of beneficiaries across the country. It would also contribute to enhancing the program’s sustainability and impact in reducing poverty levels in Nigeria.
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