Senate Approves $500 Million World Bank Loan for Electricity Meter Production in Nigeria
In a significant development aimed at addressing the persistent challenges in the power sector, the Senate has granted approval for a $500 million World Bank loan requested by President Tinubu. The loan is earmarked to fund the production of electricity meters for citizens across the country, a move expected to enhance access to reliable electricity and improve energy efficiency nationwide.
The decision to approve the loan followed a thorough review of the report by the Committee on Local and Foreign Debts, chaired by Senator Haruna Manu. The presentation of the report was made by Senator Manu, who serves as the Vice Chairman of the Committee, during a plenary session of the Senate.
President Bola Tinubu initially requested Senate approval for a $7.94 billion World Bank loan package on November 1, 2023, which included the $500 million loan specifically allocated for the production of electricity meters. The loan package aims to address various critical areas of infrastructure development and economic revitalization across the country.
The approval of the $500 million loan for electricity meter production underscores the government’s commitment to tackling the longstanding challenges in the power sector and improving access to electricity for all Nigerians. Access to reliable electricity remains a key driver of economic growth and social development, and the loan is expected to facilitate significant progress in this regard.
With the necessary funding now secured, the Bureau of Public Enterprises (BPE) will oversee the implementation of the project, ensuring that electricity meters are manufactured and distributed efficiently to meet the needs of citizens nationwide. The initiative is poised to positively impact the lives of millions of Nigerians by providing them with access to reliable electricity and empowering them to participate more actively in the country’s socio-economic development.
As the government continues to prioritize investments in infrastructure and energy, the approval of the World Bank loan for electricity meter production marks a significant step forward in the ongoing efforts to address the power sector challenges and drive sustainable growth and development across Nigeria.
