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Approve Lagos’ N39.4bn World Bank loan – Buhari writes Senate

By on October 1, 2015

President Muhammadu Buhari on Tuesday sought the approval of the Senate for a $200m (N39.4bn) World Bank loan for Lagos State.

Buhari, in a letter addressed to the Senate President, Bukola Saraki, and read on the floor of the upper legislative chamber, explained that the loan was the third tranche of a development policy operation loan for Lagos State.

The President wrote, “You may wish to know that the World Bank approved a development policy operation loan (budget support) for a total sum of $600m to the Lagos State Government in 2010.

“The loan is to be implemented in three tranches of $200m per annum. The first tranche was approved by the National Assembly in 2010-2012 Federal Government’s external borrowing plan and the third tranche was in the 2012-2014 plan.”

Buhari added that the DPO-1 had been successfully implemented by the state in 2014 as adjudged by the World Bank, whose Board of Executive Directors approved the second tranche.

He said that the DPO III was captured in the Federal Government’s external borrowing plan of 2014-2016 but had yet to be concluded by the Senate.

The President expressed the hope that the Senate would treat the matter expeditiously to enable the state to consolidate on the gains of the second tranche of the facility.

“It is instructive to note that the key programme objectives of the DPO are already beginning to show in terms of increased inflows of private investment to the state, increased private sector employment opportunities and increased Internally Generated Revenues,” he stated.

Also on Tuesday, the Senate received a letter from Buhari seeking the confirmation of the appointment of Prof. Umaru Danbatta as the Executive Vice-Chairman of the Nigerian Communications Commission.

He said the appointment would be for a first term of five years.

Buhari, in another letter, sought the confirmation of the appointment of Dr. Babatunde Fowler as the Executive Chairman of the Federal Inland Revenue Board for a four-year term.

The President, in another communication to the Senate, sought the confirmation of the appointment of a managing director and three executive directors for the Asset Management Corporation of Nigeria.

The nominees are Ahmed Kuru as managing director as well as Kola Ayeye, Eberechukwu Uneze and Aminu Ismail as executive directors.