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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.
