Tinubu's request to borrow $800 million from the World Bank is approved by the Senate

In the letter, the president noted that the loan would be utilized to expand the National Social Safety Net Programme.President Bola Tinubu's request for a $800 million World Bank loan was accepted by the Senate on Thursday.This came after the loan was discussed by the Committee of the Whole during Thursday's session. Former President Muhammadu Buhari, according to the News Agency of Nigeria (NAN), forwarded the identical request to the 9th Senate in May, at the close of his government. However, the 9th Assembly was unable to address the issue before its term expired on June 11.Tinubu, in a letter read by Senate President Godswill Akpabio earlier during plenary asked the 10th Senate to approve the same borrowing request. The president, in the letter, explained that the loan would be used to scale up the National Social Safety Net Programme. Tinubu’s letter reads: “Please note that the Federal Executive Council (FEC) led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million. “This is to be secured from the World Bank for the National Social Safety Net programme. Copy of FEC’s extract attached. “You may also wish to note that the purpose of the facility is to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with basic needs.