Senate Approves Tinubu’s $500m Loan Request To Finance Mass Metering

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The Senate has given its nod to President Bola Tinubu’s request for a $500 million loan to fund the federal government’s mass metering programme. The approval came after Haruna Manu, vice-chair of the committee on local and foreign debt, presented a report on the request during a session on Wednesday.

This loan is part of the larger $8.6 billion and €100 million loan request that President Tinubu submitted to the National Assembly in November. The red chamber considered the request as part of the 2022-2024 external borrowing rolling plan, aiming to support Nigeria’s economic growth and reinforce its sovereignty.

Manu emphasized the importance of the loan in sustaining Nigeria’s economic growth and ensuring the nation’s independence. He reassured that the loan’s structure would prevent any misuse of funds and recommended that the terms of the loan be forwarded to the National Assembly before execution.

Source: Business Day

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