Nigeria’s Senate, has approved a $500 million World Bank loan request by President Bola Ahmed Tinubu.

The loan, which was approved on Wednesday, will be used for acquiring electricity metres in the country.

The upper legislative chamber’s approval was consequent upon the consideration of the report of the Senate Committee on Local and Foreign Debts which was presented by the Committee’s Vice-Chairman, Senator Haruna Manu (Taraba Central).

The fund was approved for the Bureau of Public Enterprises (BPE).

Information Nigeria reports that the $500 million loan was part of the $7.94 billion World Bank loan which President Bola Tinubu sought the Senate’s approval for on November 1, 2023.

It was under the 2022-2024 external borrowing plan.

Presenting the report, Manu said the programme development objective was to improve the financial and technical performance of electricity distribution companies.