The Senate has approved President Bola Tinubu’s request to borrow $500 million for the government’s mass metering project, aimed at providing prepaid electricity meters to Nigerian households.
The approval was announced on Wednesday by Deputy Senate President Barau Jibrin, following a recommendation from the committee on local and foreign debt.
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According to Haruna Manu, vice chairman of the committee, the loan terms are favorable and will not hinder the country’s economic growth.
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The committee had delayed approval due to the Bureau of Public Enterprises’ slow response in defending the project.
The loan is part of the 2022-2024 external borrowing plan, which includes a $7.94 billion World Bank loan and a €100 million loan requested by President Tinubu in November 2023.
However, the Senate reduced the request by $540 million, approving $7.4 billion on December 30, 2023.
