The Senate has approved $500million loan request by the Federal Government to increase access of more Nigerians to prepaid electricity meters.
The money, which is a component of the $7.94billion 2022-2024 borrowing plan, was approved specifically for the Bureau of Public Enterprises (BPE) for the execution of Nigeria Distribution Sector Recovery Programme and to be sourced from the World Bank.
The Senate had earlier delayed the approval of the N$500m because the BPE was unavailable to defend it when it was scheduled to appear before its committees.
However, after the borrowing was satisfactorily defended the Senate on Wednesday gave its approval for the loan in a unanimous decision presided over by its Deputy President, Sen. Barau Jibrin.
“The programme development objective of this project is to improve financial and technical performance of electricity distribution companies “, the Senate report said.