Fidelity bank card banner Camano banner
Buhari seeks NASS approval of $200m loan for Lagos State

By News Express on 30/09/2015

Views: 2,183


President 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.”

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.”

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. (NAN)

•Photo shows Speaker Yakubu Dogara.

Source News Express

Posted 30/09/2015 01:09:20 AM

 

 

CLASSIFIED ADS

 

You may also like...
UN blasts inaction on Syria as deadly attacks...

“Women, children mostly affected after crisis”

U23 AFCON: Dream Team VI, Young Terenga Lions...

Muazu boasts Jonathan will win in Kano, Adamawa,...

Bayelsa APC crisis deepens, faction drums support for...

Okowa's SMART tune for Delta, By Augustine Avwode...

Jigawa Governor Badaru Abubakar re-elected by a landslide...

Police warns transport unions, tax officials against mounting...

I AM NOT ELECTABLE, by Tola Adeniyi

Kaduna Govt. bans child fostering, adoption

Cricket star Virat Kohli named Remit2India Brand Ambassador...

Obasanjo confused — Presidency

 

Latest News Buhari under pressure to appoint Ogbonnaya Onu SGF •Details of the caucus meeting inside Aso Rock where he was nominated 2 bank drivers nabbed for conspiracy to kidnap bank manager Three teenagers drown in Akwa Ibom beach In the lion’s den: My June 12 story, By Ebun-Olu Adegboruwa, Esq Fulani herdsmen kill seven along Plateau-Kaduna border Ihedioha gives Okorocha one month ultimatum to return government property HURIWA raises alarm over possible xenophobic violence in Ghana •Asks Buhari, ECOWAS to intervene 7,000 Poly students stopped from writing exams Buhari signs Polytechnic Amendment Bill, one other into law Customs intercepts 1,682 wraps of cannabis concealed inside corpse Delta: Okowa renominates Ukah, others as commissioners Senate President appoints Chief of Staff, Special Adviser on Media

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,761 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,647 views) Shameless Genevieve Nnaji exposes breasts in public (365,508 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (312,125 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,401 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (244,088 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (234,102 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,981 views) 10 cars more expensive than Jets (213,040 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,563 views) Lagos plane crash: Journalist releases victims’ names (184,620 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,936 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (94) Business & Economy (4,312) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (624) Features (762) Global Business Monitor (379) ICT Monitor (53) International (3,601) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (305) News (47,483) Opinion (1,260) Pidgin (17) Politics (11,034) Religion (1,024) Sports (2,045) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera