Would you like to receive notifications on latest updates of the following headlines?

Senate Approves Tinubu’s $500m Loan Request

POSTED ON May 16, 2024 •   Business      BY Abiodun Saheed Omodara
President Bola Ahmed Tinubu l Credit: @officialABAT l Source: X

The Senate granted President Bola Tinubu's request to secure a $500 million loan to support the federal government's mass metering program on Wednesday.

Deputy Senate President Barau Jibrin, presiding over the session, announced the approval following a majority voice vote in support from lawmakers. The loan was deliberated and approved by the Committee of the Whole.

The upper chamber endorsed the funding for the Bureau of Public Enterprises (PBE) after reviewing a report from its Committee on Local and Foreign Debt, presented by its vice chairman, Haruna Manu.

The $500 million loan is a portion of the $7.94 billion loan and €100 million that President Tinubu sought permission from the National Assembly to obtain in November. In December, the Senate approved the request as part of President Tinubu's 2022-2024 external borrowing rolling plan after considering a report from the local and foreign debt committee.

Mr Manu, the senator representing Taraba Central Senatorial District, who presented the committee’s report explained that the new approved $500 million ought to have been approved earlier but it was delayed because the officials of the Bureau of Public Enterprises (BPE) did not appear before the committee to defend the request.

The lawmaker stressed that the terms and conditions of the loan will not allow any person to compromise the disbursement.

He also assured that the loan would sustain Nigeria’s economic growth and strengthen the independence of Nigeria as a sovereign nation.

Mr Manu therefore recommended the approval of the loan.

“The committee recommends that the Senate do approve the ongoing negotiations of the external borrowing in the sum of $500m for BPE” and that the details be “forwarded to the National Assembly before execution,” Mr Manu added.

After presenting the report, the deputy senate president put the passage to vote and a majority of the lawmakers supported it.

READ ALSO
Nigeria's 2024 Budget Capital Extension Draws Criticism from Economists
BY Abiodun Saheed Omodara June 25, 2025 0

The Senate and House of Representatives have once again prolonged the implementation of the capital...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 23, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...

READ ALSO
Palm Oil Trade Boosting Bilateral Ties with Nigeria - Malaysia’s Envoy
BY Abiodun Saheed Omodara June 23, 2025 0

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, has reveal that  the thriving pa...

READ ALSO
African Energy Chamber Urges World Bank to Lift Ban on Upstream Oil and Gas Financing
BY Abiodun Saheed Omodara June 19, 2025 0

The African Energy Chamber (AEC) has called on the World Bank to lift its ban on financing upstream...

READ ALSO
FG to Reclaim Dormant Oil Wells as NUPRC Implements 'Drill or Drop' Policy
BY Abiodun Saheed Omodara June 13, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has informed oil producers of its inte...

OUR CHANNELS:

Nigeria's Gemstone Potential: A Deep Dive into 10 Rare Minerals and Their Regions of Origin
BY Abiodun Saheed Omodara June 26, 2025 0

Nigeria is making waves with a revolutionary $400 million Foreign Direct Investment dedicated to cre...


IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 26, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...


EFCC Charges Businessman, Company with $75,000 Fraud
BY Abiodun Saheed Omodara June 26, 2025 0

A businessman, Peter Otomewu, along with his company, Pebeto Enerji Limited, was brought before the...


Osimhen Willing to Join Manchester United for Under £200,000 a Week
BY Abiodun Saheed Omodara June 26, 2025 0

Victor Osimhen is reportedly willing to accept a weekly wage of just under £200,000 at Manches...


Trump Announces Iran-Israel Ceasefire Deal, Tehran Denies Formal Agreement
BY Abiodun Saheed Omodara June 26, 2025 0

Former U.S. President Donald Trump has announced that Iran and Israel have agreed to a “comple...


French Police Arrest 12 over Alleged Drugging of Women at Music Festival
BY Abiodun Saheed Omodara June 26, 2025 0

French police have arrested 12 individuals suspected of drugging female festivalgoers during the ann...


NATO Warns Iran Against Nuclear Weapon Development Amid Rising Tensions
BY Abiodun Saheed Omodara June 24, 2025 0

In a renewed effort to curb escalating violence in the Middle East, the North Atlantic Treaty Organi...


Mertens Announces Retirement from Football, Cites Age and Fatigue
BY Abiodun Saheed Omodara June 24, 2025 0

Belgian football star Dries Mertens has officially announced his retirement from professional footba...


Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 26, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...


Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 26, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...


More Articles

Load more...

Menu