9 November 2017

Nigeria: Senate Approves U.S.$350 Million World Bank Loan for Ogun State

Photo: Premium Times
The Nigerian Senate

The Senate on Thursday approved a $350 million loan request for developmental projects in Ogun state.

The approval followed the presentation of a report by the committee on Local and Foreign Debts.

Presenting report, the committee chairman, Shehu Sani, Kaduna-APC, said the projects earmarked by the Ogun state government will boost the socio-economic development of the state.

He said the Ogun state $350 million loan was approved in 2015 and captured in 2016-2018 borrowing plan as approved by the National Assembly.

The lawmaker added that the credit facility had an attractive low financing data of 1.25 per cent interest for a period of five years and a 25-year maturity tenure.

"The committee observes that Ogun state has a low and acceptable loan sustainability level, therefor, is eligible to borrow," he said.

He added that the state government had met "various conditions" to access the loan.

He said: "The committee observes that the Ogun state government has met the various conditions by the World Bank and is qualified for the loan. The committee observes that the Ogun state government has put in place institutional framework for the transparent and accountable budgetary and financial purpose.

"The committee observes that the various projects to be funded by the facility will engender economic growth, also increase revenue generation capacity of the state and create employment opportunities. The committee observes that Ogun state has shown a high degree of prudence in implementing her annual budgets."

The lawmakers approved the recommendation through a voice vote.

More on This

Senate Approves $350m Foreign Loan for Ogun

The Senate on Thursday approved the external borrowing plan for the sum of $350 million for the Ogun State development… Read more »

See What Everyone is Watching

Copyright © 2017 Premium Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.