FEC Approves $200m World Bank Loan For Lagos

LAGOS STATE GOVERNORThe Federal Executive Council (FEC) has approved a $200 million loan for Lagos State government to enable it complete some ongoing projects in the state.

The Minister of Power, Works and Housing,  Babatunde Fashola and the Minister of Information and Culture, Alhaji Lai Mohammed  briefed State House correspondents at the end of the meeting presided over by President Muhammadu Buhari.

The Minister of Information said that the loan would enable Lagos State Government complete some of its ambitious projects, such as the 61km 10-lane expressway from Lagos to Badagry that would also include 27-kilometre light roads.

He said the facility would also enable the state government to rehabilitate the inner roads in Apapa in addition to some other major ongoing works.

Minister of Power, Works and Housing,  explained that the loan was not entirely new as part of it had been collected during the past administration.

Fashola said  that the delay in approving the balance was due to political differences between the Federal Government and Lagos State at the time.

According to him the loan was approved in 2010 by the Federal Government with an initial moratorium of 10 years and a repayment period of 40 years.

Fashola said  that the rebasing of the Nigerian economy which made it the largest in Africa had altered the terms and conditions of the loan, reducing the moratorium period to only five years, repayment period to 25 years and an imposition of 2.5 per cent interest rate.

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  • January 15, 2016 at 2:59 pm

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    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.

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