Nigeria: FEC Approves U.S.$200 Million World Bank Loan for Lagos

14 January 2016

Abuja — The Federal Executive Council (FEC) presided over by President Muhammadu Buhari yesterday approved a $200 million which is the second tranche of the $600 million World Bank credit facility to the Lagos State government to upgrade its infrastructure, including road rehabilitation.

Briefing State House correspondents after the meeting, Minister of Information and Culture, Lai Mohammed and his Power, Works and Housing counterpart, Babatunde Raji Fasola said the FEC's approval was sequel to the memo presented to the council by the Minister of Finance, Kemi Adeosun, which explained that the loan would facilitate the completion of developmental programmes like road construction and rehabilitation initiated by the Lagos State government since 2010.

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