Senate approves $350 million World Bank loan for Ogun State
- Admin
- Nov 9, 2017
- 1 min read
The Nigeria Senate has approved the sum of $340 million World Bank loan for Ogun State for development policy operations.
The approval followed the report of the Committee on Local and Foreign Debts which was presented by Senator Shehu Sani on Thursday.
In his report, Sani said, the loan had already been approved by World Bank in 2016 which was already captured in the budget which was being implemented.
He maintained that the State has low local and debt profile, hence, it was appropriate for the loan to be approved by the Senate.
“That the Senate do consider the report of the Committee on Local and Foreign Debts on the Ogun State Development Policy Operations (DPO) loan of $350 million from the World Bank.”
The report also indicated that Ogun development plan was in consonance with the mandate of President Muhammadu led administration.
Subjecting it to votes by the Deputy Senate President, Ike Ekweremadu who presided over Thursday:s plenary in the absence of his principal, Dr. Bukola Saraki, it was immediately approved.
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