Senate Approves Tinubu’s $500m World Bank Loan Request

The Senate has approved President Bola Tinubu’s request to borrow a loan of $500 million for the Bureau of Public Enterprises (BPE) to enhance the performance of electricity distribution companies and better the lives of citizens.


The news came to Paper Nigeria on Wednesday, May 15. We learnt that the $500 million loan is part of the $7.94 billion World Bank loan which President Bola Tinubu also sought the Senate’s approval for on November 1, 2023.

This is not a new development since it was under the 2022-2024 external borrowing plan.

Remember that the Senate had earlier put the approval of the N$500m loan on hold because they didn’t see any valid reason for the loan.

The BPE had to defend the borrowing, and this led to the approval on Wednesday.


Izuchukwu Ojibe

Ojibe Izuchukwu is a Nigerian student with a passion for media reporting and content writing.

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