Meters manufacturing: Lawmakers halt TCN from obtaining $155m loan from World Bank
As part of efforts in promoting local manufacturing in the country, the Senate on Thursday suspended the Transmission Company of Nigeria (TCN) from obtaining a loan facility of $155 million from World Bank for mass production of local meters.
The lawmakers said the application of the loan promotes foreign manufacturers against competent and qualified local meter manufacturers in Nigeria, therefore, resolved to suspended the application of the loan.
The suspension of the loan application was a sequel to a motion moved by Victor Umeh (LP, Anambra Central) at the plenary presided over by the Senate President, Godswill Akpabio.
Mr Umeh, while presenting the motion, said if the loan is obtained, local manufacturers in the country will lose their jobs, and the Nigerian government will also lose revenue that ought to be contributing to the development of the country’s economy.
When the motion was thrown open for debate, many of the senators supported the suspension of the loan.
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The senate president subsequently approved that the loan processing should be suspended, and the transmission company should negotiate with African Export-Import Bank (AFREXIM) and the African Development Bank (AFDB) for an alternative loan to achieve mass metering production.
Mr Akpabio also approved additional prayer to the motion by Ifeanyi Ubah (YPP, Anambra South) to urge the transmission company to access intervention funds from Central Bank Nigeria for the execution of the mass metering production.
