Senate approves Tinubu’s $500m loan request

By Tunde Opalana

The Senate on Wednesday approved a $500 million loan request by President Bola Tinubu for the Bureau of Public Enterprises (BPE).

The $500 million loan is part of the $7.94 billion loan which President Bola Tinubu sought the Senate’s approval for on November 1st 2023 under the 2022-2024 external borrowing plan.

The approval was sequel to the consideration of report of the Committee on Local and Foreign Debt, presented by Haruna Manu, Vice Chairman of the committee.

Manu, while presenting the report, said the remaining present $500 million for the BPE could not be approved because the agency did not appear before the committee.

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He added that the terms and conditions under which the loan was brought will not in any manner compromise the sustainability of Nigeria’s economic growth or hinder the integrity and independence of Nigeria as a sovereign nation.

“The Committee recommends that the Senate do approve the ongoing negotiations of the external borrowing in the sum of $500m for BPE; that the terforions of the loan from the funding agency be forwarded to the National Assembly before execution”, the Vice Chairman said.

After considering the report, the Senate President by Jibrin Barau, the deputy Senate President approved the loan request.