Senate okays Tinubu’s $500m loan request for metering 

The Wednesday has approved a $500 million loan request by President Bola Tinubu for the metering of electricity consumers in the country.

The  funds was approved for the  Bureau of Public Enterprises (BPE) after considering the report of the Committee on local and foreign debt, presented by Haruna Manu, Vice Chairman of the committee.

The $500 million loan is part of the $7.94 billion loan  which President Bola Tinubu sought the Senate’s approval for on November 1st 2023 under the 2022-2024 external borrowing plan. The President also sought approval for €100 million.

However, the Senate gave the approval to borrow $7.4 billion approved during its special plenary on December 30 , 2023 after considering the report of the Committee on local and foreign debts.

Manu, while presenting the report, said the remaining  part of the money  for the BPE,  could not be approved because the agency did not appear before the committee.

Speaking further, he reiterated that the terms and conditions under which the loan was brought will not in any manner compromise the sustainability of Nigeria’s economic growth or hinder the integrity and independence of Nigeria as a sovereign nation.

“The Committee recommends that the Senate do approve the ongoing negotiations of the external borrowing in the sum of $500m  for BPE; that the moratorium of the loan from the funding agency be forwarded to the National Assembly before execution”, the Vice Chairman said.

After considering the report, the Deputy President of the Senate who presided over the session, puts its approval for voice votes, which was eventually approved.