President Muhammadu Buhari, yesterday, asked for special approval of the Senate for US$200million (N39.8 billion) loan for Lagos State.
The President, through a letter entitled: “Request for Special Approval of Lagos State Development Policy Operation Under the Federal Government External Borrowing Rolling Plan (2015-2017),” requested for the Senate’s approval for a development policy operation loan of US$200 million to Lagos State from the World Bank
Buhari added in the letter that, “You may wish to know that the World Bank approved a Development Policy Operation for a total sum of US$600 million to the Lagos State government in 2010 to be implemented in three tranches of US$200 million per annum.”
The first tranche, he said, was approved by the National Assembly in the 2010-2012 Federal Government external borrowing plan and the second tranche was in the 2012-2014.
He explained that the decision to seek for the last tranche of the loan was informed by successful application of the previous loans collected by the state government.
He said development policy operation 111 was captured in the Federal Government external borrowing plan of 2014-2016, which was discussed with the Nation Assembly but was not concluded.
He, therefore, sought for the support of the National Assembly to facilitate the consideration and approval of the loan in order for the Lagos State to consolidate on the gains of the second tranche of the operation.
Source: News watch Times
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