President Mohammadu Buhari is asking the National Assembly to approve a
\n$200million Loan for Lagos state.<\/p>\n
In a letter to the National Assembly, Buhari said the loan became
\nnecessary so that Lagos can consolidate on the gains of the second tranche
\nof operation Development Police Operation, DPO II.<\/p>\n
The World Bank had, in 2010, offered a Development Police Operation
\nfacility worth $600m to the state to be operated in three tranches of
\n$200m per annum.<\/p>\n
Part of the letter reads, \u201cI seek your support to facilitate the
\nconsideration and early approval of the DPO II loan of the US$200m to
\nenable the state to consolidate on the gains of the second tranche of the
\noperation (DPO) II.\u201d<\/p>\n
In August, Buhari sent a similar request to the National Assembly in
\nrespect of Edo State.<\/p>\n
In the case of Edo State, he requested approval for $75m in the second
\ntranche of the total of $225m facility the bank offered Edo State.<\/p>\n
The President, in a separate letter read to members on Tuesday, also
\nsought the approval of the legislature to raise Nigeria\u2019s proposed
\nDiaspora Bond to $300m.<\/p>\n
However, Buhari explained that the raise was needed to accommodate the
\n\u201chuge amount of capital\u201d required to bridge the infrastructure gap in the
\ncountry.<\/p>\n
He also informed the House that Nigerians in the Diaspora had shown
\ninterest in the bond.<\/p>\n
Buhari stated, \u201cThe purpose of this letter, therefore, is to request
\napproval of the House of Representatives to increase the amount proposed
\nto be raised through the Diaspora Bond from US$100m to a maximum of<\/p>\n","protected":false},"excerpt":{"rendered":"
President Mohammadu Buhari is asking the National Assembly to approve a $200million Loan for Lagos state. In a letter to the National Assembly, Buhari said the loan became necessary so…<\/p>\n","protected":false},"author":1,"featured_media":41842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-42402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n