FG APPROVES N40b WORLD BANK LOAN FOR LAGOS
The Federal Executive Council (FEC) on Wednesday approved two world loan to Lagos state, which is a total N40b ($242.3m) for infrastructure development in the state. The Minister of information, Labaran Maku brief the House. First loan $200m from the International Development Association, support the Second Lagos State Development Policy Operation. The second loan of $42.3m is additional financing for the Lagos-Epe Secondary Education Project.
The approved given was sequel to a memo presented by the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo- Iweala.
Maku said federal government is only serving as a warrantor for the Lagos state government in the negotiation of the loans with the world bank. He move on and explained that the loan comprises of 0.5% commitment charge, 0.75% interest per annum on the loans.
The loans are to be repaid back in 25 years, with a provision for five years moratorium.
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