News
Senate Greenlights $500 Million World Bank Loan For Electricity Meter Production
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Senate approves Tinubu’s $500 million World Bank loan request for electricity meter production
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Federal Government set to receive $2.25 billion World Bank loan.
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World Bank funding to be allocated to two major development projects in Nigeria
EKO HOT BLOG reports that the Nigerian Senate has granted approval for President Bola Tinubu’s $500 million World Bank loan request.
This loan, designated for the production of electricity meters for citizens, was endorsed following a meticulous review of the report by the Committee on Local and Foreign Debts.
Senator Haruna Manu, the Vice Chairman of the Committee, presented the report, leading to the Bureau of Public Enterprises (BPE) receiving the allocated funds.
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On November 1, 2023, President Bola Tinubu requested Senate approval for a $7.94 billion World Bank loan package, which included a $500 million loan.
Meanwhile, the Federal Government will receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.
Naija News recalls that the Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.
He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”
The package, approved by the World Bank Board of Directors, offers a 40-year term with a 10-year moratorium and a nominal one-percent interest rate.
According to the latest information on the World Bank website, the funding will be received via two major development projects.
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The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.
The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.
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