Senate approves Tinubu’s $500m loan request to finance mass metering

Senate approves Tinubu’s $500m loan request to finance mass metering
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The senate has approved a $500 million loan request by
President Bola Tinubu to finance the mass metering programme of the federal
government.

 

The president’s request was approved by the upper
legislative chamber on Wednesday after Haruna Manu, vice-chair of the committee
on local and foreign debt, presented a report on it.

 

The request is part of the $8.6 billion and €100 million
loan Tinubu asked the national assembly to approve in November.

 

The red chamber approved the request as part of the
2022-2024 external borrowing rolling plan of the president after it considered
a report of the senate committee on local and foreign debt.

 

While presenting the report, Manu said the request ought to
have been approved earlier, but it was delayed because the Bureau of Public
Enterprises (BPE) did not appear before his committee to defend the request.

 

The senator said the loan would sustain Nigeria’s economic
growth and strengthen the independence of Nigeria as a sovereign nation.

 

He said the loan was structured in a way that would prevent
anyone from “compromising its disbursement”.

 

 “The committee
recommends that the senate do approve the ongoing negotiations of the external
borrowing in the sum of $500 million for BPE,” he said.

 

“That the terforions of the loan from the funding agency be
forwarded to the national assembly before execution.”

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