Lagos Assembly Approves Sanwo-Olu N18Bn Loan Application

The Lagos State House of Assembly approved a request from Governor Babajide Sanwo-Olu for a loan of N18, 225, 336, 103.89 from the Federal Ministry of Finance, Budget and National Planning.

In a statement signed yesterday by Eromosele Ebhomele, Chamber Speaker Mudashiru Obasa’s chief press secretary, it was revealed that the loan is intended to guarantee the speedy completion of projects such as the Lekki-Epe highway.

He noted that the approval was granted in a session chaired by the president, Obasa, after the chairman of the House Finance Committee, Hon. Rotimi Olowo.

Giving more information about the report, the Hon. Olowo told colleagues that the line of credit comes with an interest rate of five percent in the first two years and nine percent in subsequent years, with a two-year moratorium.

Many of the lawmakers, who contributed to the debate, supported the approval of the facility, as it would further help the state maintain its megacity status.

They praised the state government for its proactivity and said the loan will bring huge infrastructure benefits to Lagos.

They also said that the loan was favorable considering the conditions that accompany it.

In his contribution, the chairman of the House Information Committee, Hon. Setonji David, noted that the loan has a single-digit interest rate with a repayment period of 30 years.

Meanwhile, spokesperson Obasa described Nigeria as a blessed nation loved by God in a message released by his media office in commemoration of the 2021 Christmas celebration.

Dr. Obasa urged Christians and other Nigerians to continue to replicate this love of God in their daily activities, as love is what the country needs in this phase of its journey to greatness.

READ ALSO:   Vandals destroy 20 transformers in three weeks – Electricity Distribution Company

Read More Related News Here