Lagos Assembly Approves Governor Sanwo-Olu’s N18Bn Loan Request

The Lagos State House of Assembly has approved 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 yesterday signed by Eromosele Ebhomele, the Chief Press Secretary to the Speaker of the House, Mudashiru Obasa, it was disclosed that the loan is meant to ensure speedy completion of projects like the Lekki-Epe Expressway.
It noted that the approval was granted at a sitting presided over by the Speaker, Obasa, after a report on the loan request was laid and presented by the chairman of the House Committee on Finance, Hon. Rotimi Olowo.
He was giving further information on the report, Hon. Olowo told his colleagues that the loan facility comes with an interest rate of five per cent in the first two years and nine per cent in subsequent years, with a two-year moratorium.
Many lawmakers who contributed to the debate supported that the facility be approved, as it would further help the state sustain its mega-city status.
They commended the State Government for its proactiveness, saying that the loan would bring immense infrastructural benefits to Lagos.
They further said that the loan was favourable considering the conditions that come with it.
In his contribution, the House Committee on Information, Hon. Setonji David noted that the loan has a single-digit interest rate with a repayment period of 30 years....CONTINUE READING THE FULL ARTICLE>>>