President writes Senate for approval of N14.7bn World Bank loan

monjola sotubo

August 4, 2015 4:05 PM

The letter was sent to the Senate on Tuesday, August 4, 2015, and addressed to Senate President, Bukola Saraki.

President Buhari

President Muhammadu Buhari has written a letter to the Senate requesting the legislators’ approval for a $75 million (14.7 billion) credit facility from the World Bank on behalf of the Edo State Government.

The letter was sent to the Senate on Tuesday, August 4, 2015, and addressed to Senate President, Bukola Saraki.

The letter reads in part:

“I am writing to seek the consideration from the National Assembly an approval for the request from Edo State Government to obtain a $75m credit facility from the World Bank.”

“You may wish to know that the World Bank had approved a development policy programme for the total sum of $225m to Edo State Government in 2012 to be implemented in three tranches of $75m per annum.”

“The first tranche was approved by the National Assembly in the 2012/2014 federal government external ruling borrowing plan. The Development Policy Operation has since been successfully implemented by the state in 2014.”

“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 $75m to enable the state to consolidate on the gain of the first tranche of the operation DPO 1.”

monjola sotubo