Senate approves Tinubu’s $500m W/Bank loan request for electricity metres

The Senate Wednesday approved a $500 million World Bank loan request by President Bola Ahmed Tinubu to provide electricity metres in the country.

The fund was approved for the Bureau of Public Enterprises (BPE) after considering the report of the Senate Committee on Local and Foreign Debts which was presented by the committee’s vice chairman, Senator Haruna Manu (Taraba Central).

The $500 million loan was part of the $7.94 billion World Bank loan which President Bola Tinubu sought the Senate’s approval for on November 1, 2023.

It was under the 2022-2024 external borrowing plan.

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Manu, while presenting the report, said the programme development objective of the project was to improve the financial and technical performance of electricity distribution companies.