Reports from Abuja, Nigeria’s Federal Capital, have it that President Muhammadu Buhari has pleaded with the House of Representatives to approve a $200 million loan from the World Bank for Lagos state.
According to a letter written by the president and read by the Speaker of the House, Yakubu Dogara during the plenary on Tuesday, the loan which is for Development Policy Operation (DPOII) is expected to be implemented in three tranches per annum after an initial approval by the World Bank in 2010.
Nigeria’s president, Muhammadu Buhari, seems to be making his appeal here
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The News Agency of Nigeria (NAN) quotes Dogara thus: “Following the successful implementation as adjudged by the World Bank, the bank’s Board of Directors approved the second tranche of the DPO on April 29, 2015.
“DPO 111 was captured in the Federal Government external (rolling) borrowing plan of 2014 to 2016 which was discussed with the National Assembly, but was not concluded.
“This is to enable the state to consolidate on the gains of the second tranche of the operation (DPO 11).”
In the same vein, the Nigerian president also requested approval for increase in the amount to be raised through the Diaspora bond from the international capital market.
The letter stated further that, “this is in line with the Federal Government’s effort to mobilise capital to finance critical infrastructure in the country.”
The president explained that he made the crucial request in order to diversify the federal government’s sources of funding and also encourage Nigerians in the Diaspora to contribute to economy’s development.
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