President Buhari Seeks Senate Approval to Obtain N14.7 Billion Loan for Edo State

President Buhari has written to the Senate requesting for the approval of a total of $75 million credit loan from the World Bank for Edo State.

 

According to a letter which was read to Nigerian Senators during plenary session on Tuesday by Senate President Bukola Saraki, President Muhammadu Buhari has written to the Senate requesting for the approval to obtain a total of $75 million credit loan amounting to N14.7 billion from the World Bank for Edo State.

In the letter titled, "Request for approval to obtain 75million USD credit facilities from the world bank for Edo state", Senate President, Saraki said,

“I am writing to seek the consideration from the National Assambly an approval for the request from Edo state government to obtain a 75million dollar credit facility from the World Bank.

You may wish to know that the World Bank had aproved a development policy programme for the total sum of 225million dollars to Edo state government in 2012 to be implemented in three tranches of 75millon per annum.

The first tranch was approved by the national assembly in the 2012/2014 Federal Government external ruling borrowing plan.

The Development Policy Operation, DPO has since been successful implemented by the state in 2014. Following this success, the bank’s board of executive directors approved the second tranch. On April 29, 2015, the DPO two was captured in the federal governernment external borrowing plan of 2014/2017 which is pending with the national assembly.

It is for the above reason that I seek your favour to facilitate the consideration and approval of the development policy operation 2 loan of 75 million to enable the state to consolidate on the gaze of the first tranch of the operation DPO.

Your excellency, it is instructive to mention that Edo state has informed me that the key programme objectives of the DPO are already beginning to show in terms of increased influx of private investment to the state.

In closed private sector employment opportunities and increased internally generated revenues. An accelerated approval of this request will help to sustain these gains.

I look forward, distinguished Senate President to the usual kind expeditious consideration of the above request by the Senate.

This letter supercedes HCF/3143/t/137 of 28 July, 2015. Please accept as usual, your assurances of my highest regards."

Meanwhile, the external debt profile of Edo State already stands at $123 million dollars.