Buhari Seeks NASS Approval For $200m World Bank Loan For Lagos

By Ganiyu Nasirudeen, Abdul Gaffar Bello

BALTIMORE, MD (AFRICAN EXAMINER) – Nigerian President Muhammadu Buhari has sought the approval of the National Assembly (NASS) for a fresh World Bank loan of $200 Million on behalf of Lagos State.

This was made known Tuesday in Mr. President’s letter to the Senate President, Bukola Saraki and his House counterpart, Rt. Hon. Yakubu Dogara which was read at the resumed plenaries of the NASS chambers.

“I seek your support to facilitate the consideration and early approval of the DPO II loan of the US$200m to enable the state to consolidate on the gains of the second tranche of the operation (DPO) II” President Buhari stated in his letter.

It would be recall the World Bank in 2010, offered a Development Police Operation facility worth $600m to Lagos state to be operated in three tranches of $200m per annum.

Similarly, Mr. President in August 2015, made the same request of $75m – the second tranche of the total of $225m loan to the NASS on behalf of Edo State.

Equally, President Buhari in a separate letter to the two chambers sought the approval of the Federal lawmakers to raise Nigeria’s proposed Diaspora Bond to $300m.

President explained that the increase was informed by the huge capital required to bridge the infrastructure gap in the country, adding his request for approval of the Senate and House of Representatives to increase the amount proposed to be raised through the Diaspora Bond from “US$100m to a maximum of US$300m.”