Senate approves $500m external borrowing for BPE

The Senate has approved President Bola Tinubu’s $500 million loan request for the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, aiming to benefit citizens.

The approval on Tuesday was sequel to the consideration of the report of Senator Aliyu Wamakko (APC, Sokoto North) led Senate Committee on Local and Foreign Debts 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

Presenting the report, the Vice Chairman of the Committee, Senator Haruna Manu (PDP Taraba Central) said that the Senate should receive and consider the report of the Committee on Local and Foreign Debts on the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The 500 million US dollar 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 President also sought approval for €100 million.

However, the Senate approved borrowing $7.4 billion during its special plenary on December 30 after considering the report of the Committee on local and foreign debt.