Tuesday, 29 September 2015

Buhari Seeks Approval For $200 Million World Bank Loan For Lagos

President Muhammadu Buhari has sent a request to the National Assembly seeking approval for another tranche of a $200 million World Bank loan for Lagos State. The president’s request was conveyed in a letter read in plenary by the Senate President, Bukola Saraki and the Speaker, Mr. Yakubu Dogara. The World Bank in 2010 had offered a development police operation facility worth $600 million to the state, to be operated in three tranches of $200 million per annum. In a separate letter, President Buhari also sought the legislature’s approval to raise Nigeria’s proposed Diaspora bond to $300 million, from the initial $100 million. According to the president, the raise is needed to accommodate the “huge amount of capital” required to bridge the infrastructure gap in the country.

Henry J Williams

Author & Editor

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