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.
According to Haruna Manu, vice chairman of the committee, the loan terms are favorable and will not hinder the country’s economic growth.
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.
