Senate Approves $75m World Bank Loan for Edo State

                               

The Senate yesterday approved $75m World Bank loan for the Edo State Development Policy Operation as requested by President Buhari in a letter to the Senate president,
Senator Bukola Saraki.


A letter which Senator Bukola Saraki read on the floor of the house August 4th,in which Buhari reminded the lawmakers that the World Bank had approved a development policy programme for the sum of $225 million to Edo State Government in 2012, to be implemented in three tranches of $75 million per annum.
The approval followed the consideration of a single-prayer report of the Adhoc Committee on Local and Foreign Debt presented by Kabiru Gaya (APC Kano South).The committee in its report urged the Senate to approve the loan, stating that the World Bank had already considered the state ready for the loan.
Mr Gaya said “the funds from the loan facility will be used to finance key programmes in the state to stimulate internally generated revenue, develop key infrastructure that will attract private investment and, increase employment opportunities.

 “It is worthy to note that the World Bank normally presents strict criteria for intending borrowing organisations to fulfil as a pre-requisite to assessing the facility. It is gratifying to note that Lagos and Edo states are the only sub national governments in Nigeria to meet the stringent conditions of the World Bank to qualify for the Development Policy Operation.”