Metro  

Buhari seeks NASS approval of $200m loan for Lagos State

BuhariPresident Muhammadu Buhari on Tuesday sought the approval of the House of Representatives to obtain 200 million U.S dollars loan from the World Bank for Lagos State.

This is contained in a letter to the House of Representatives written by the President and read by the Speaker, Yakubu Dogara, during plenary.

According to Dogara, the loan which is for Development Policy Operation (DPOII) was approved in 2010 by the World Bank and is expected to be implemented in three tranches per annum.

He said that the first tranche was approved by the National Assembly in the 2010 to 2012 Federal Government external borrowing plan while the second tranche was approved in the 2012 to 2014 plan.

He said that the letter stated that DPO 1 was successfully implemented by Lagos State government in 2014.

“Following the successful implementation as adjudged by the World Bank, the bank’s Board of Directors approved the second tranche of the DPO on April 29, 2015.

“DPO 111 was captured in the Federal Government external (rolling) borrowing plan of 2014 to 2016 which was discussed with the National Assembly, but was not concluded,’’ Dogara said.

He solicited the support of the members to facilitate the consideration and early approval of DPO 11.

“This is to enable the state to consolidate on the gains of the second tranche of the operation (DPO 11).’’

Similarly, Buhari also requested approval for increase in the amount to be raised through the Diaspora bond from the international capital market.

“This is in line with the Federal Government’s effort to mobilise capital to finance critical infrastructure in the country,’’ the letter stated.

It letter stated that the request was crucial in diversifying Federal Government’s sources of funding and encourage Nigerians in the Diaspora contribute to the development of the economy.

It added that the reason for the request to increase the issuance amount to 300 million dollars was to meet the huge capital needed to bridge the infrastructure gap and ensure growth and development



3 Comments
  • emmanuel kalu

    What is the money being used for?

  • Stella Maris

    What are they using this money for? Lagos metropolis looked wretched unkempt and all ghetto like. Are we taking this loan for further development of banana island or Vic island?

  • Olakunle

    Do You Need Capital To Start Your Dream

    Business?

    Do You Need Capital To Grow Or Expand Your

    Business Idea?

    Do You Need Capital To Invest In Real Estate/

    Landed Investment?

    Do You Need Money To Support Your Business

    or Career?

    The federal government has approved a $200 million loan for agriculture and private investors men and women.

    for Lagos and nigeria citizens State to enable the state finance its infrastructural projects.

    The loan will be sourced through a World Bank/CBN unit, International Development Association, IDA.

    Rising from the Federal Executive Council meeting at the Presidential Villa in Abuja on Wednesday, the minister of Information and Culture, Lai Mohammed, said the approval by FEC followed a memo from the Minister of Finance, Kemi Adeosun.

    He said Ms. Adeosun had sought the approval to obtain the loan from the IDA, a window of the World Bank in support of the Lagos state Development Policy Operation, DPO.

    Giving more details on the loan, Mr. Mohammed said, “It would allow the state government to complete some of its very ambitious projects, notably the 61 kilometer, 10 lane Lagos to Badagry expressway, which also includes the 27 kilometre light rail”.

    He also said the loan would enable the state government to completely rehabilitate the inner roads in Apapa in addition to some other major works it is carrying out.

    interested persons should contact the Director in charge”

    for more details call 08058814257 HON. JONATHAN OKAFOR DESMOND.

Related