The Nigerian Senate has approved a $500 million loan request by President Bola Tinubu for the metering of citizens.
The funds was approved for the Bureau of Public Enterprises (BPE) after considering the report of the Committee on local and foreign debt, presented by Haruna Manu, Vice Chairman of the committee.
Vice Chairman of the Senate’s Committee on Local and Foreign Debt , presented the committees report on President Tinubu’s Loan request .
The $500 million loan is part of the $7.94 billion loan which President Bola Tinubu sought the Senate’s approval in November, Mast Year under the 2022-2024 external borrowing plan.
But, the Senate approved a loan of $7.4 billion at a special plenary session in December after considering the report of the Committee on local and foreign debt.
After considering the report, the Committee report recommended an approval for a loan request.
The Senate believes the loan is in the interest of Nigeria and will help stimulate economic growth.
