In a significant move aimed at addressing the electricity metering challenge in Nigeria, the Senate has approved a $500 million World Bank loan request by President Bola Tinubu. The loan is designated to provide electricity meters for citizens across the country.
The approval came after the Senate considered the report of the Committee on local and foreign debts, which was presented by Senator Haruna Manu, the Vice Chairman of the Committee.
President Tinubu had initially sought approval for this loan, along with a larger $7.94 billion World Bank loan, as part of the 2022-2024 external borrowing plan. However, the Senate had previously approved only $7.4 billion of the requested amount during a special plenary session on December 30.
The $500 million allocated for the Bureau of Public Enterprises (BPE) was initially put on hold by the Senate due to the agency’s failure to appear before the committee to defend the proposal. However, after a thorough review and defense of the borrowing, the Senate unanimously approved the loan request.
According to the Senate report, the objective of the project is to enhance the financial and technical performance of electricity distribution companies in the country.
Senator Barau Jibrin, Deputy President of the Senate, presided over the meeting and ruled in favor of the loan request approval following a voice vote. The terms and conditions of the loan will be forwarded to the National Assembly before execution to ensure transparency and accountability.
This approval marks a significant step toward addressing the electricity metering challenge in Nigeria, demonstrating the government’s commitment to improving access to reliable electricity services for its citizens.
