JUST IN: Tinubu Looks for New Senate Endorsement for $800 Million World Bank Credit

President Bola Ahmed Tinubu has asked the Senate to approve a borrowing request of $800 million for the National Social Safety Net Programme.

POLITICS NIGERIA reports that Tinubu, in a letter read by Senate President Godswill Akpabio during plenary on Thursday, said the loan would be used to provide financial assistance to poor and vulnerable Nigerians.

The letter said the loan would be sourced from the World Bank and would be used to transfer N8,000 per month to 12 million poor and low-income households for six months.

Tinubu said the programme would also stimulate economic activities in the informal sector and improve the nutrition, health, education, and human capital development of beneficiaries’ households.

The letter reads: “Please note that the federal executive council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million 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.

“You may further wish to note that under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of N8,000 per month to 12 million poor and low income households for a period of six months, with a multiplier effect on about 60 million individuals.

“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.

“It is expected that the programme, will stimulate economic activities in the informal sector, and improve nutrition, health, education, and human capital development of beneficiaries’ households.

“Given the above, I wish to invite the Senate to kindly grant approval for the additional loan facility of $800 million to be secured from World Bank for the National Social Safety Net Programme.

“While hoping that this submission will receive expeditious consideration by the Senate, please accept the assurances of my highest regards.”

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This is where I have fundamental issues with APC ideology and one of the main reason I withdraw my support

Transferring 8000 to 12 ,million people for 6 months

That's 96 billion.... Gone the same 12 million people would still remain poor, no increased productivity, no increased revenue... We would have spent 96 billion and achieved nothing in 6 months

Let's assume corruption was not an issue does that even make any sense economically?


Like obi said if u just look at Bangladesh, Perkistain ,Vietnam etc you would see village bases industries... Sighted and employs people from villages

96 billion can set up 180 of this industries, from garment factories, to basic agro processing, to chemical production, to semi finished product production

This can create 20 jobs permanent for each factory 3600 people permanently removed from the poverty index... Over 100 billion added to the economy..... Yes less people benefited but the results is permanent

Sighting factories like this also widens the tax next increasing revenue

Again what do I know

Just yesterday Tinubu useless and foolish supporters were hailing him for paying $500m loan borrowed out of over $105billion owed. today, Tinubu is about to borrow over $800m and I hope his lunatic supporters will hail him for this one step forward, several legs backward approach?

Tinubu is a smart criminal and will do worse than buhari

mrvitalis:
This is where I have fundamental issues with APC ideology and one of the main reason I withdraw my support

Transferring 8000 to 12 ,million people for 6 months

That's 96 billion.... Gone the same 12 million people would still remain poor, no increased productivity, no increased revenue... We would have spent 96 billion and achieved nothing in 6 months

Let's assume corruption was not an issue does that even make any sense economically?


Like obi said if u just look at Bangladesh, Perkistain ,Vietnam etc you would see village bases industries... Sighted and employs people from villages

96 billion can set up 180 of this industries, from garment factories, to basic agro processing, to chemical production, to semi finished product production

This can create 20 jobs permanent for each factory 3600 people permanently removed from the poverty index... Over 100 billion added to the economy..... Yes less people benefited but the results is permanent

Sighting factories like this also widens the tax next increasing revenue

Again what do I know

Nigeria and Nigerians missed a window that might not come again

How on earth did we choose this over productivity?

Imagine having large local based companies, just imagine the level of development that would come with it

Bhet agents of poverty no go like gree now

We told you, did you listen?.

Every businessman and woman knows that the first order of business in a recession is cost saving. You must first trim all the surrounding fat to stabilize things, then begin a systemic re-building process. You don't take on more debt in a circumstance of uncertainty. Likewise, you ultimately do not further plunge yourself into indebtedness for consumption purpose, as has been and is the case here.

A responsible government would look to identify where the leakages originate from. They must be plugged immediately. That brings money. But Ahmed Tinubu immediately went on to ask for loans, money he will ultimately steal for himself and his inner circle.

We seem to forget that those who readily make these monies available also have both business but, more important, political control interest in the regimes they so support.

Nigeria will not exit its misery in this configuration. This is a journey to nowhere with this incompetent electoral fraud. Our eyes, as it is, are trained on the court.

These is a bad policy by the government, ...where is the data to know who is poor...
...what can 8000 do in a month for a family..
...what wil happen after 6 month, wil there no more poverty in the land...
These policies is not supported by me..

ambale:


Nigeria and Nigerians missed a window that might not come again

How on earth did we choose this over productivity?

Imagine having large local based companies, just imagine the level of development that would come with it

Bhet agents of poverty no go like gree now

This is what obi was saying

He would borrow but in his word not a penny would be used for consumption

Strictly for production

Thanks to Peter obi I looked up those countries there are so many things Africa imports that we can produce here

Clothes
Shoes
Bags
Pots
Plates
Breakpad
Pressure pots

Skills that won't take 2 months to teach our people

Nigerians has passed through the stage of jubril, now they're in the stage of escobar, the next shege face will be shettima.

mrvitalis:

This is what obi was saying

He would borrow but in his word not a penny would be used for consumption

Strictly for production

Thanks to Peter obi I looked up those countries there are so many things Africa imports that we can produce here

Clothes
Shoes
Bags
Pots
Plates
Breakpad
Pressure pots

Skills that won't take 2 months to teach our people

It is saddening that in 2023, Nigerian governments still want to be handing out crumbs to the citizens

I don cross leg dey look the movie sha

ambale:


It is saddening that in 2023, Nigerian governments still want to be handing out crumbs to the citizens

I don cross leg dey look the movie sha

The only we can do now is to look out for your people

Sponsor them of u can to learn this skills set them up

Family, compound people villagers

That's the only way

mrvitalis:

The only we can do now is to look out for your people

Sponsor them of u can to learn this skills set them up

Family, compound people villagers

That's the only way

Thats not even negotiable but the painful part is this same set of people will still go ahead to vote the same set of leaders and still even abuse you join😄

ambale:


Thats not even negotiable but the painful part is this same set of people will still go ahead to vote the same set of leaders and still even abuse you join😄

Anyone that u notice kick them out of your program

He should forget, they won't give him

When he was dolling out millions in dollars to everybody before election, you think he is father Christmas.
Now we are all forming innocent.
It's the same Nigerians that will support the highest payer so why are you guys complaining.
.day never break.

He may also be looking for money for a possible rerun.

Where is the money going to?
Inside pockets of those complaining.
Iffahia.

Cos e never reach uour side, as if e reach, you no go stretch hand collect.