Lagos: Buhari seeks Senate approval for World Bank loan

President Muhammadu Buhari on Tuesday asked the Senate to approve a $200 million World Bank loan for Lagos State.

Buhari in a letter entitled: “Request for special approval of Lagos State DPO 11 under the Federal Government external borrowing rolling plan 2015 to 2017,” requested the Senate to endorse the loan expeditiously.

The letter reads in part, “I refer to the above subject and request approval for Development Policy Operation (DPO) loan (Budget Support) of US$200 million to Lagos State from the World Bank.

“You may wish to know that the World Bank approved a DPO loan for a total sum of US$600 million to Lagos State Government in 2010 to be implemented in three tranches of US$200 million per annum.

“The first tranche was approved by the National Assembly in the 2010-2012 Federal Government External (Rolling) Borrowing Plan and the second tranche was in the 2012-2014 plan.

“The DPO 1has been successfully implemented as adjudged by the World Bank, the Bank’s Board of Executive Directors approved the second tranche of the DPO on April 29, 2015.

“The DPO 111 was captured in the Federal Government External (Rolling) Borrowing Plan of 2014-2016 which was discussed with the National Assembly, but was not concluded.

“Pursuant to the above, therefore I seek for your support to facilitate the consideration and approval of the DPO 111 loan of US$200million to enable the state to consolidate on the gains of the second tranche of the DPO 11.

‘It is instructive to note that key programme objectives of the DPO are already beginning to show in terms of increased inflow of private investment to the state, increased private sector employment opportunities and increased internally generated revenues.”

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