The Senate has given its approval for a $500 million World Bank loan requested by President Bola Tinubu to fund the production of electricity meters for Nigerian citizens. The loan was granted to the Bureau of Public Enterprises (BPE) after a thorough review by the Committee on Local and Foreign Debts, presented by Senator Haruna Manu, the Committee’s Vice Chairman.
This loan is part of a larger $7.94 billion World Bank loan package requested by President Tinubu on November 1, 2023. The approval marks a significant step towards improving Nigeria’s electricity infrastructure and metering system.
The loan is expected to support the government’s efforts to increase access to electricity and reduce the country’s metering gap. With this approval, Nigeria can now access the necessary funding to enhance its electricity sector and promote economic growth and development.
