Wednesday, June 12, 2024
MARKET UPDATE
Advertisement Topt

TheCable

Advertisement

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

Senate approves Tinubu’s $500m loan request to finance mass metering
May 15
21:52 2024

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.

Advertisement

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”.

Advertisement

“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.”

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.