The Senate has granted President Bola Tinubu’s request to secure a $500 million loan aimed at financing the federal government’s mass metering initiative.
Deputy Senate President, Barau Jibrin, presiding over the plenary, announced the approval following a majority voice vote in favor of the request.
The upper chamber endorsed the funding for the Bureau of Public Enterprises (BPE) after reviewing a report from its Committee on Local and Foreign Debt, presented by Haruna Manu, the committee’s vice chairman.
According to the Senate report, the objective of the program is to enhance the financial and technical performance of electricity distribution companies.
The $500 million loan forms part of the $7.94 billion loan initially sought by President Tinubu on November 1st, 2023, under the 2022-2024 external borrowing plan. Additionally, the President also sought approval for a €100 million loan.
However, during a special plenary on December 30, the Senate approved a borrowing of $7.4 billion after reviewing the report from the Committee on Local and Foreign Debt.
