FG Approves $200 Million World Bank Loan To Lagos For Infrastructural Development

Posted by African Examiner Featured, Latest Headlines, News Wednesday, January 13th, 2016

By Niyi Adeyi

The Federal Executive Council (FEC) Wednesday approved the sum of $200 Million loan requested by the Lagos State from the World Bank.

Information and Culture Minister, Alhaji Lai Mohammed as well as his Power, Works and Housing counterpart, Mr. Babatunde Fashola, made this public after the FEC weekly meeting in Abuja.

The principal loan which is $600 Million was the initiative of the past Governor, Mr. Fashola, specifically meant for infrastructural development in the State.

The first tranche of the money ($200) million was equally approved in 2010, but could not be pursued further, allegedly due to political reason.

Speaking at the briefing, Alhaji Mohammed said the major item at the meeting was the FEC’s approval of the memo presented by the Minister of Finance, Mrs. Kemi Adeosun “to obtain additional $200 million loan from International Development Association (IDA), which is a window of the World Bank in support of the Lagos State development policy operation.”

He restated that the loan would allow the State to complete its very determined projects.

The Minister of Power in his address clarified that the $200 million loan was a tranche of the original sum of $600 million loan for developmental initiatives in the South West State, adding that it has since been approved in 2010, by the immediate past administration.