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



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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2 comments

  1. Mr. President and President men are you people sleeping?

    Nigeria Police collecting bribes everywhere in the name of road blocks EVERYWHERE IN NIGERIA!!!!!

    I want to put it on record that the current IGP Egbetokun as the inspector general of police is the worst ever in terms of curbing police corruption in the police force.

    I wonder if the government officials are NOT traveling by roads in this country.

    Please can anyone travel via road from Anambra state to Enugu state,
    Enugu state to Abuja via Road you will be my witness that Nigeria Police on road blocks are collecting 50 Naira most of them are even collecting 100 Naira and given change to the motorist.

    Are you telling me that IGP Egbetokun is not aware of what is going on in Nigeria

    If he is not aware IGP Egbetokun should be fired.

    If he is aware IGP Egbetokun should be fired.

    He is not supposed to be IGP in the first place.

    IGP should stop sitting in Abuja

    Mr. President please fire IGP Egbetokun

    Give Nigerians a youth IGP that will fight corruption in the Nigeria police force!!!!!

    ReplyDelete
  2. Finance mass metering??? This idea of financing mass metering and then consumers still have to buy same meters from the DISCOs is confusing...

    ReplyDelete

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