The Senate on Wednesday approved a $500 million World Bank loan request by President Bola Tinubu to provide electricity meters for the citizens.
The fund was approved for the Bureau of Public Enterprises (BPE) after considering the report of the Committee on local and foreign debts.
The report was presented by the Vice Chairman of the Committee, Senator Haruna Manu.
The $500 million loan was part of the $7.94 billion World Bank loan which inubu sought the Senate’s approval for on November 1, 2023.
It was under the 2022-2024 external borrowing plan. The president also sought the approval for €100 million then.
However, the Senate gave the approval to borrow $7.4 billion approved during its special plenary on December 30 after considering the report of the Committee on local and foreign debt.
Manu, while presenting the report, said the $500m for the BPE could not be approved because the agency did not appear before the committee to defend the proposal.
He noted 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.
He said: “The Committee recommends that the Senate do approve the ongoing negotiations of the external borrowing in the sum of $500m for BPE; that the terms of the loan from the funding agency be forwarded to the National Assembly before execution.”
The Senate had earlier put on hold the approval of the N$500 million because the BPE was unavailable to defend it when it was scheduled to appear before its committees.
However, following the defence of the borrowing, the Senate gave its approval for the loan in a unanimous decision presided over by its Deputy President, Senator Barau Jibrin.
“The programme development objective of this project is to improve financial and technical performance of electricity distribution companies,” the Senate report said.
After considering the report, Jibrin, who presided over the meeting, ruled in favour of the loan request approval after a voice vote.
Sunday Aborisade
Follow us on:
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
Evacuations of 30,000 people are underway in central Japan as heavy rains threaten severe flooding,…
An employee of California's state fire protection agency, known as Cal Fire, has been arrested…
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…