Akpabio led Senate approves Tinubu’s request to take another $500 million World Bank loan
The Senate has approved a $500 million World Bank loan request by President Bola Tinubu to provide electricity metres for Nigerians.
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 is part of the $7.94billion World Bank loan, over which President Bola Tinubu sought the Senate’s approval on November 1, 2023.
It was under the 2022-2024 external borrowing plan. The president also sought the approval for €100million then.
However, the Senate, during its special plenary on December 30, gave the approval to borrow $7.4billion after considering the report of the Committee on local and foreign debt.
Manu, while presenting the report, said the $500million 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 would 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 to approve the ongoing negotiations of the external borrowing in the sum of $500million for BPE…”
However, following the defence of the borrowing, the Senate on Wednesday gave its approval for the loan in a unanimous decision in the session 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 reportedly said.
