10 November 2017

Nigeria: Senate Approves $350m Foreign Loan for Ogun

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The Nigerian Senate

Abuja — The Senate on Thursday approved the external borrowing plan for the sum of $350 million for the Ogun State development policy operation, from the World Bank.

It also passed the 2017 N222.3 billion Appropriation bill for the Federal Capital Territory.

The approval for the foreign loan followed the adoption of the recommendations of its Committee on Local and Foreign Debts chaired by Senator Shehu Sani.

"That Ogun has a low and acceptable debt sustainability level and is therefore eligible to borrow," the report said and added that the state has met various conditions set by the World Bank to qualify for the loan.

It also noted that the state has shown a high degree of prudence in implementing her annual budget.

The President, in July 2017 had written the Senate, seeking approval for credit facility of various sums for 10 states.

The approval for the FCT budget bill followed the adoption of the recommendations of the committee chaired by Senator Dino Melaye.

The sum of N129.3 billion was approved for capital expenditure while recurrent expenditure was put at N93 billion. The Senate approved N52.5 billion as personnel costs and N40.4 billion for overhead.

Presiding, Deputy Senate President, Senator Ike Ekweremadu urged the administration of the FCT to ensure transparent utilisation of the appropriated funds.

"As we all know FCT is not only the pride of Nigeria but Africa. As such, we must ensure it proper maintenance," he said.

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