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  • News - North Central - FCT
  • Updated: May 15, 2024

World Bank: Senate approves $500 million request by Tinubu

World Bank: Senate approves $500 million request by Tinubu

President Bola Tinubu's $500 million World Bank loan request has been accepted by the Nigerian Senate.

Allnews.ng gathered that the loan would be used to produce electricity meters for the general public.

The monies were awarded to the Bureau of Public Enterprises (BPE) after an exhaustive examination of the report submitted by Senator Haruna Manu, the Vice Chairman of the Committee, on domestic and foreign loans.

President Bola Tinubu asked the Senate to approve a $7.94 billion World Bank loan package, which included a $500 million loan, on November 1, 2023.

Meanwhile, Governor Malam Umar Namadi of Jigawa on Tuesday presented a $250,000 World Bank loan cheque to 10 groups of farmers in the state.

The loan which is popularly known as Community Revolving Fund, CRF is under a project known as Agro-Climatic Resilience in Semi-Arid Landscapes ACReSAL.

Governor Namadi described the World Bank intervention as a welcome gesture that aligns with his government's 12-point agenda.    

"Empowering rural communities through their own businesses and creating an enabling environment for their sustainable growth is clearly captured in his government's 12-point agenda. The World Bank Revolving Fund intervention is specifically designed to achieve this.

"I am optimistic that if this money is properly injected and utilized in the ten beneficiary communities, it will make a difference in terms of poverty eradication, job creation, sustainable food security, and development.

"Therefore, I urge the beneficiaries and fund managers to be honest and fear God in collecting and repaying the loan, so that others can benefit," he said.

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