Government & Politics

Senate Approves Tinubu’s $500M Loan Request for Nigeria’s BPE Metering Initiative

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Senate Approves Tinubu's $500M Loan Request for Nigeria's BPE Metering Initiative

The Senate has given the green light to President Bola Tinubu’s request for a $500 million loan from the World Bank, specifically allocated for the Bureau of Public Enterprises (BPE) to facilitate the metering of citizens. This initiative aims to enhance the financial and technical performance of Electricity Distribution Companies (DISCOs) across Nigeria.

The approval came after thorough consideration of the proposal by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammako. The committee emphasized the importance of ensuring that the terms and conditions of the loan are in line with Nigeria’s economic sustainability and sovereignty.

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President Tinubu initially sought approval for a larger loan amount of $7.94 billion under the 2022-2024 external borrowing plan, which also included a €100 million component. While the majority of the proposed loan was approved by the Senate in December 2023, the specific allocation for BPE was subject to further deliberations.

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With the recent approval, the focus now shifts towards the effective utilization of the loan to advance the objectives outlined in the Nigeria Distribution Sector Recovery Program (DISREP). This program aims to improve the financial viability and operational efficiency of DISCOs, ultimately leading to better service delivery for consumers nationwide.

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The borrowing plan adheres to relevant legislative frameworks, including the Debt Management Office (Establishment) Act 2003 and the Fiscal Responsibility Act 2007. These regulations mandate thorough scrutiny of borrowing proposals to ensure alignment with national development priorities and fiscal sustainability.

As Nigeria continues its efforts to modernize its infrastructure and drive economic diversification, initiatives such as the BPE metering initiative play a crucial role in addressing critical bottlenecks and fostering sustainable development. The approval of Tinubu’s loan request marks a significant step forward in this ongoing endeavor.

Source: Vanguard Nigeria

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