The Nigerian Senate has approved President Bola Tinubu’s request to obtain a loan of $500 million to finance the mass metering programme of the federal government.
The fund was approved for the Bureau of Public Enterprises after consideratiing the committee on local and foreign debt report presented by Haruna Manu, the vice chairman of the committee.
The 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.
The Deputy Senate President, Barau Jibrin, who presided over the plenary, announced the approval after a majority of the lawmakers supported it through a voice vote.
The objective of the project is to improve financial and technical performance of electricity distribution companies
The Senate in December 2023 approved borrowing $7.94 billion during its special plenary after considering the report of the Committee on local and foreign debt.
(Editor: Oloyede Oworu)
