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Lagos Assembly Approves Sanwo-Olu’s Request for Loan Facility

Lagos Assembly Approves Sanwo-Olu's Request for Facility Loan

The Lagos State House of Assembly has approved the state Governor, Babajide Sanwo-Olu’s request for approval of the bridging facility loan offered by the Federal Ministry of Finance, Budget, and National Planning to facilitate the speedy completion of the Regional road and Lekki-Epe Expressway project.

The House of Appeal which is currently handling budget defence by Ministries, Departments & Agencies (MDAs) recently called for a plenary to grant the governor’s request.

In furtherance to the request, the House granted the approval for the sum of ₦3,750,000,000.00 for the Regional road project and the sum of ₦15,000,000,000.00 for the Lekki-Epe Expressway project respectively, totaling to the sum of ₦18,750,000,000.00.

Chairman, House Committee on Finance, Honourable Rotimi Olowo, while speaking on the report. submitted that the interest rate is 5% in the first two years and 9% in subsequent years, giving it a two-year moratorium.

Hon. Setonji David while lending his support on the approval noted that the loan is a single digit with a repayment period of 30 years under which the project will drive sustainable economic growth and development in the State.

Other lawmakers in support of the request commended the State Government proactiveness, saying that it will bring immense infrastructural benefits to Lagos State.

The Speaker, Rt Hon. Mudashiru Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko sent a clean copy of the approval to Governor Sanwo-Olu.

About Author

Aina Adepeju is a Mass Communication graduate. Adepeju loves photography. She is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

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