The Senate has approved a $500 million loan request from President Bola Tinubu to support the Bureau of Public Enterprises (BPE) for an electricity metering program. The loan, which is part of the $7.94 billion external borrowing plan, aims to improve the financial and technical performance of electricity distribution companies (DisCos) under the World Bank-funded Nigeria Distribution Sector Recovery Program (DISREP).
This approval follows the Senate’s earlier approval of $7.4 billion out of the $7.94 billion loan request on December 30, 2023. The remaining amount, including the €100 million grant component, is still under consideration.
‘’The $500 million loan is part of the $7.94 billion loan which President Bola Tinubu sought the Senate’s approval for on November 1, 2023, under the 2022-2024 external borrowing plan. The President also sought approval for €100 million.
‘’However, the Senate gave the approval to borrow $7.4 billion approved during its special plenary December 30 after considering the report of the Committee on local and foreign debt.’’
Manu stated further, “The Senate of the Federal Republic of Nigeria will recall that at the plenary on November 1, 2023, a communication from Mr. President requesting the approval of Federal Government 2022 – 2024 External Borrowing Plan was read.
“The external borrowing (rolling) plan contain a request for approval of $7,944,508,559.00 and Euro 100,000,000 as grant component. The communication and the attached scheduled was referred to the Committee on Local and Foreign Debt for further legislative action.
“A report (No.1) of this Committee recommending the approval of $7,444,508,559.00 and £100,000,000.00 out of the proposed total facility of $7,944,508,559.00 was laid before the Senate and was considered on December 30, 2023.
“The committee deferred consideration on the proposed project and amount for Bureau of Public Enterprises due to the agency’s failure to appear before the committee to defend the proposed project for their agency as captured in the external borrowing plan.
“Following the resumption of the committee’s consideration of the outstanding request, and after legislative interactions, deliberations, and due diligences, the committee hereby submit its report and sought for the approval of the recommendation therein.
“The request of Mr. President is in compliance with the provisions of the Debt Management Office (Establishment) Act 2003 (DMO) and the Fiscal Responsibility Act 2007 (FRA) which both enjoin the President to seek and obtain the approval of the National Assembly in respect and also obligates the National Assembly to decide on the request by a resolution.’’
What am seeing here is borrow so we dont even have any money in country,nah borrow borrow we go use develop our country?? Lets use the resources we have oooh.
But let me me not even talk too much atleast e go benefit everybody.hope no be to talk am for mouth they should do what they said.
Nigerian government an borrowing is five and six right from time
🤣🤣🤣🤣🤣😂😂like they love anything borrowing and free stuffs..
Every time they are borrowing money one day they will sell this country
My own is they should do what would benefit the country
They can’t because we that elected them to office are not ready for change reason they don’t take us serious anymore all they know is to throw money and scrubs to us and we all keep quiet like nothing happened
The way apc government is going with borrowing money in a few years from now there wouldn’t be a nation to run again
Omo so Nigeria 🇳🇬 get this kind money
Koko is make dem use the money do Wetin dem wan use am do
Everything them go dey borrow money dey waste our money anyhow useless politicians
Omo we go survive from the hands of the apc because i longer understand what is going on now
They should continue borrowing till they sell all Nigerians
$500 million dollars tan tan !
I pray these government will not sell us with the country
Why borrowing this huge amount of money
When will they pay it plus the previous debts
Na soso loan, borrow debt this government sabi. No savings, investment, or infrastructures in place. Nawaoo for this government
Why am I not surprised still the same old story
Nigeria and borrowing ehn….no be individual repayment sha, it’s the country as a whole that will make the repayment.