President Buhari Seeks Approval For $200 Million Lagos World Bank Loan

 

In a letter read in plenary session by the Senate President, Bukola Saraki and the Speaker, Yakubu Dogara at the National Assembly, Abuja, President Muhammadu Buhari has sent a request to the National Assembly seeking approval for another tranche of a $200 million World Bank loan for Lagos State.

 

The World Bank in 2010 had offered a development police operation facility worth $600 million to the state, to be operated in three tranches of $200 million per annum.

 

In a separate letter, President Buhari also sought the legislature’s approval to raise Nigeria’s proposed diaspora bond to $300 million, from the initial $100 million.

 

According to the president, the raise is needed to accommodate the “huge amount of capital” required to bridge the infrastructure gap in the country.

 

Source: Channels TV