President Mohammadu Buhari is asking the Senate to approve a $75million
\nWorld Bank loan for Edo State.<\/p>\n
Governor Oshiomhole who have unofficially assumed the duty of Government’s
\nspokesman had severally accused the Jonathan’s government of squandering
\nstate resources. He particularly accused former Finance Minister, Dr.
\nNgozi Okonjo-Iweala of aiding corruption.<\/p>\n
But in her response, Dr Iweala accused Oshiomhole of attacking her and the
\npast regime because of her refusal to approve loan requests from the Edo
\nGovernor.<\/p>\n
Buhari\u2019s letter reads in part, \u201cI am writing to seek the consideration
\nfrom the National Assambly an approval for the request from Edo State
\nGovernment to obtain a $75m credit facility from the World Bank.<\/p>\n
\u201cYou may wish to know that the World Bank had approved a development
\npolicy programme for the total sum of $225m to Edo State Government in
\n2012 to be implemented in three tranches of $75m per annum.<\/p>\n
\u201cThe first tranche was approved by the National Assembly in the 2012\/2014
\nfederal government external ruling borrowing plan.<\/p>\n
\u201cThe Development Policy Operation has since been successfully implemented
\nby the state in 2014.\u201d<\/p>\n
Following this success, Buhari said the bank\u2019s board of executive
\ndirectors approved the second tranche and that on April 29 2015, the DPO
\ntoo was captured in the federal government external borrowing plan of
\n2014\/2017 which is pending with the National Assembly.<\/p>\n
He said, \u201cIt is for the above reason that I seek your favour to facilitate
\nthe consideration and approval of the development policy operation 2 loan
\nof $75m to enable the state to consolidate on the gain of the first
\ntranche of the operation DPO 1.\u201d<\/p>\n
The president informed the senators that Edo State Government had informed
\nhim that the key programme objectives of the DPO were already beginning to
\nshow in terms of increased influence of private investment in the state.<\/p>\n
He also added that the loan had had tremendous impact in the closed
\nprivate sector employment opportunities and equally increased internally
\ngenerated revenues.<\/p>\n
Buhari noted that an accelerated approval of the request would help to
\nsustain the gains already achieved with the first tranche.<\/p>\n
He added that the letter superceeded an earlier one with reference number
\nHCF\/3143\/t\/137 of 28 July 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Mohammadu Buhari is asking the Senate to approve a $75million World Bank loan for Edo State. Governor Oshiomhole who have unofficially assumed the duty of Government’s spokesman had severally…<\/p>\n","protected":false},"author":1,"featured_media":40776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-40968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n