The Senate on Thursday approved the sum of USD75 Million World Bank Credit facility for Edo State.
Leading the debate on the floor of the Senate, Senator Kabiru Gaya, representing Kano North who is the Chairman, Ad-hoc Committee on Local and Foreign Debts presented the report for consideration.
He said, “that the Senate will do well by considering the report of the Ad- hoc Committee on Local and Foreign Debts on the Edo State Development Policy Operation II Credit Facility of USA 75 Million from the World Bank, ” noting that the facility would address infrastructural deficit in Edo State. He urged the Senate to consider it as the Committee took time to assess the success of its first phase and saw that it was successful.
Speaking in favour of the report was Senator Adamu Aliero who explained that the facility would be deployed to better the lot of Edo people, stressing that the 7 to 8% interest rate was in accordance with the global best practices.
“The facility is normal with States that is committed to development which I think would be deployed to better the lives of Edo people, even, the 7 – 8% interest is in accordance with global best practices”, Albert said.
The ‘ayes’ vote by the Senate President was sustained.
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