Senate Approves President Tinubu’s Request For $500 million dollars Loan

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On Wednesday, May 15, the Senate approved President Bola Tinubu’s request for a $500 million loan to finance the F.G.’s mass metering program.

The Deputy Senate President, Barau Jibrin, who presided over the plenary, announced the approval after most lawmakers supported it through a voice vote.

The upper chamber approved the Bureau of Public Enterprises (PBE) fund after considering a report of its Committee on Local and Foreign Debt, presented by Haruna Manu, its vice chairman.

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“The programme development objective of this project is to improve financial and technical performance of electricity distribution companies,” the Senate report said.

The 500 million US dollar loan is part of the $7.94 billion loan that President Tinubu sought the Senate’s approval for on November 1st, 2023, under the 2022-2024 external borrowing plan.

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The President also sought approval for €100 million. However, the Senate approved borrowing $7.4 billion during its special plenary on December 30.

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