The Senate yesterday approved the request by Ogun State government to borrow $350 million from the World Bank through the State Development Policy Operation (DPO).
The credit facility, which has an interest rate of 1.25 percent, moratorium of five years and a 25 year maturity tenor, is part of the 2016 to 2018 External Borrowing (Rolling) Plan of the Federal Government.The approval of the loan facility followed senate's adoption of the report of the Committee on Local and Foreign Debts chaired by Shehu Sani (APC, Kaduna State).
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