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Buhari Seeks Senate Approval of $200m World Bank Loan For Lagos

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President Muhammadu Buhari on Tuesday, wrote the National Assembly seeking approval for a $200m (N39.4bn) World Bank loan for the Lagos State development policy operation.

The credit facility is the third tranche of a $600 million facility which was approved by the World Bank in 2010.

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 who said 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 added 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.

He 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.

He said, “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.”

The Senate also 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.

In another letter, Buhari 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.

He also sought the confirmation of Kola Ayeye, Eberechukwu Uneze and Aminu Ismail as executive directors of AMCON.