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Senate approves Tinubu’s request of $500m loan for BPE

Written by on May 16, 2024

The Senate has approved President Bola Tinubu ‘s loan request amounting $500 million in favor of the Bureau of Public Enterprises, BPE, for electricity metering program to improve financial and technical performance of electricity distribution companies, DisCos, under the World Bank funded Nigeria Distribution Sector Recovery Program, DISREP.

The approval is sequel to the consideration of report of the Senate Committee on Local and Foreign Debts 2022 – 2024 External Borrowing Plan for the BPE.

Presenting the report, Vice Chairman of the committee, Senator Haruna Manu, PDP Taraba Central, stated that the sum is for the ongoing negotiation of external borrowing for the Bureau of Public Enterprise, BPE.

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