Buhari Seeks Senate Approval For $75m Loan For Edo State

The Nigerian Senate on Tuesday received a letter from President Muhammadu Buhari seeking approval for a 75 million dollar (N14.7 billion) loan from the World Bank for Edo State.

The letter, read by President of the Senate, Bukola Saraki, stated that the loan was the second tranche of a sum of 225 million dollars already approved by the bank.

It stated that the first tranche of 75 million was approved by the 7th Senate in 2012.

In the letter, the President explained that the fund was for Development Policy Operation (DPO), a project meant to be completed in three tranches in the state.

“The DPO has since been successfully implemented by the state in 2014. Following this success, the bank’s board of executive directors approved the second tranche in April.

“The DPO too was captured in the Federal Government External Borrowing Plan of 2014/2017, which is pending with the National Assembly,’’ he said.

He said that reports from the state indicated that the programme was already yielding results in terms of private sector investment, increased revenue and employment opportunities.