FG Approves $200m Loan For Lagos

A World Bank loan of $200 million has been approved for Lagos State by the Federal Government of Nigeria.

At the Federal Executive Council, FEC, meeting held on Wednesday and presided over by President Muhammadu Buhari, the government explained the money was part of the $600 million loan granted by the Bank for roads and other infrastructural development projects in the state.

Minister of Information, Lai Mohammed and his Power, Works and Housing counterpart, Babatunde Fashola, who is the immediate governor of Lagos State, made the disclosure in Abuja after the meeting.

The Ministers said the first batch of $200 million was approved in 2010, while the subsequent batches were allegedly delayed by the last administration for political reasons.

Addressing newsmen, Mohammed said, “We just finished the Federal Executive Council meeting and the major item which will be of interest was the Council’s approval of the memo put forward by the Minister of Finance 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.”

According to him, the loan will allow Lagos to complete its very ambitious projects.