FG Approves $200m Loan For Lagos For Its Infrastructural Projects

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The federal government has approved a $200 million loan for Lagos State to enable the state finance its infrastructural projects.

The loan will be sourced through a World Bank unit, International Development Association, IDA.

Rising from the Federal Executive Council meeting at the Presidential Villa in Abuja on Wednesday, the minister of Information and Culture, Lai Mohammed, said the approval by FEC followed a memo from the Minister of Finance, Kemi Adeosun.

He said Ms. Adeosun had sought the approval to obtain the loan from the IDA, a window of the World Bank in support of the Lagos state Development Policy Operation, DPO.

Giving more details on the loan, Mr. Mohammed said, “It would allow the state government to complete some of its very ambitious projects, notably the 61 kilometer, 10 lane Lagos to Badagry expressway, which also includes the 27 kilometre light rail”.

He also said the loan would enable the state government to completely rehabilitate the inner roads in Apapa in addition to some other major works it is carrying out.

The minister of Works, Power and Housing, Raji Fashola, who is the immediate-past governor of Lagos State, also spoke at the briefing, saying the $200million approved by FEC on Wednesday was not actually a new loan.

“It is a segment of a programme of developmental initiatives. It was approved in 2010, a total sum of $600 million for Lagos State, to be disbursed in tranches of $200 million each year starting from 2011, 2012 and 2013,” he said.

Mr. Fashola said accessing the loan by Lagos State suffered delays after the first tranche of $200 was received, “as a result of partisan political differences in the last dispensation”.

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