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Senate Approves $500m Loan For FG’s Mass Metering Initiative—-In a significant move aimed at enhancing access to electricity across Nigeria, the Senate has given the green light to President Bola Tinubu’s request for a $500 million loan to support the federal government’s mass metering initiative.

The approval, granted by the upper legislative chamber on Wednesday, follows the presentation of a report by Haruna Manu, Vice-Chair of the Committee on Local and Foreign Debt, outlining the merits of the request.

This $500 million loan is part of a larger borrowing plan totaling $8.6 billion and €100 million, initially proposed by President Tinubu to the National Assembly in November.

The Senate endorsed the request as an integral component of the 2022-2024 external borrowing rolling plan, after careful consideration of the report submitted by the Senate Committee on Local and Foreign Debt.

Manu, while presenting the report, acknowledged a slight delay in the approval process, attributing it to the absence of the Bureau of Public Enterprises (BPE) during the committee’s deliberations on the matter.

However, he emphasized the loan’s pivotal role in sustaining Nigeria’s economic growth trajectory and reinforcing the nation’s sovereignty.

Furthermore, Manu reassured that the loan agreement is meticulously structured to safeguard against any potential misuse or mismanagement of funds, ensuring transparent and accountable disbursement mechanisms.

“The committee recommends the approval of ongoing negotiations for external borrowing amounting to $500 million for BPE,” Manu stated, underscoring the importance of forwarding the loan terms from the funding agency to the National Assembly for scrutiny prior to execution.

With the Senate’s nod of approval, this financial injection promises to accelerate efforts towards achieving widespread electricity metering, a crucial step in bolstering Nigeria’s energy infrastructure and fostering socio-economic development nationwide.

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Mojisola Meranda Speaks On Resigning As Lagos Assembly Speaker Amid Crisis

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Meranda Speaks On Resigning As Lagos Assembly Speaker

Mojisola Meranda Speaks On Resigning As Lagos Assembly Speaker Amid Crisis—-Mojisola Meranda a member of the Lagos State House of Assembly Speaker, has refuted claims of her resignation, dismissing the rumors amid the ongoing leadership crisis in the Assembly.

Speculation surged on Monday following a forceful invasion of the Assembly complex by operatives of the Department of State Services (DSS) and the Nigeria Police.

According to reports, security forces stormed the premises in the early hours, sealing the offices of Speaker Meranda, her deputy, and the clerk.

Speaking to Punch, the Speaker’s Chief Press Secretary, Segun Ajiboye, denounced the reports of her resignation as “a lie from the pit of hell.” He reaffirmed that Meranda remains committed to her role despite mounting pressure.

The crisis, which began with the removal of former Speaker Mudashiru Obasa, intensified when security personnel occupied the Assembly on Monday, further escalating tensions among lawmakers and staff.

Reacting to the situation, Ajiboye stated, “It is a lie from the pit of hell. If she had resigned, would she come back to sit at the plenary today?”

Meanwhile, a member of the Lagos State Governor’s Advisory Council (GAC), Muraina Taiwo, acknowledged that the crisis had spiraled beyond the council’s ability to manage, calling for President Bola Tinubu’s intervention.

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BREAKING: Mudashiru Obasa Sues New Speaker Meranda And Lagos Assembly To Court

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Mudashiru Obasa Sues New Speaker Meranda

BREAKING: Mudashiru Obasa Sues New Speaker Meranda And Lagos Assembly To Court—-Impeached speaker of the Lagos State House of Assembly, Mudashiru Obasa, has filed a lawsuit at the Lagos State High Court, Ikeja, seeking an immediate order for his reinstatement as Speaker.

Court documents obtained by Lagos Reporters reveal that Obasa is challenging his removal on January 13, 2025, arguing that it was wrongful and unconstitutional. The lawsuit, filed on February 14, 2025, lists the current Speaker, Lasbat Mojisola Meranda, and the Lagos State House of Assembly as defendants.

The legal move comes after failed attempts to resolve the leadership dispute through political negotiations. Sources confirm that multiple high-level meetings, involving political figures from Lagos and Abuja, were held to mediate the crisis but ended in deadlock.

Some lawmakers reportedly fear that Obasa’s possible reinstatement could trigger political reprisals against those who backed his ouster.

With the case now in court, the battle for Lagos Assembly leadership shifts to the judiciary, as stakeholders await the ruling and its implications for the state’s legislative stability.

 

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