Reps Constitute Committee To Investigate Social Safety, Net Fund

An eight-person ad hoc committee was established by the House of Representatives on Tuesday to investigate President Bola Tinubu’s request for the government to borrow roughly 800 million dollars to fund a social safety net.

Principal Officers of the House make up the committee under the leadership of Professor Julius Ihonvbare, the House Leader.

In order to expedite the process, the ad hoc committee would be considering the request, according to the deputy speaker of the house who presided over the plenary on Tuesday.

The President had asked for approval of additional funding for the national social safety net program in a letter that was read aloud in the House by the Speaker.

The President’s letter said: “Please note that the Federal Executive Council led by President Muhammadu Buhari, GCFR (“FEC”) approved an additional loan facility to the tune of USD800,000,000 (Eight Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme (the “Programme”)

“You may also wish to note that the purpose of the facility is to expand coverage of shock-responsive safety net support for poor and vulnerable Nigerians and to help them cope with the cost of meeting 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 12,000,000 (twelve million) poor and low-income households for a period of 6 (six) months with a multiplier effect on about 60,000,000 (sixty 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 activity in the informal sector and improve nutrition, health and education outcomes for beneficiary households.

“Given the above, I wish to invite the House of Representatives to kindly grant approval for the additional loan facility of USD800,000,000.00 (Eight. Hundred Million United States Dollars) to be secured from the World Bank for the National Social Safety Net Programme”.

The House ad hoc committee is anticipated to consider the proposal, despite the Senate having previously approved the loan as the President had requested.

Other members of the Committee are House Leader, Julius Ihonvbare, Deputy House Leader, Abdullahi Ibrahim Halims, Chief Whip, Usman Bello Kumo, Deputy Chief Whip, Adewumi Onanuga, Minority Leader Ali Isa JC, Minority Whip; Hon. Ali Madaki and Deputy George Ozodinobi.

Leave a Reply

Your email address will not be published. Required fields are marked *