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Lagos Assembly approves Sanwo-Olu’s N18Bn loan request

By Kehinde Olatunji
25 December 2021   |   4:02 am
The Lagos State House of Assembly has approved a request by Governor Babajide Sanwo-Olu for a loan of N18, 225, 336, 103. 89 from the Federal Ministry of Finance, Budget, and National Planning.

The Lagos State House of Assembly has approved a request by 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.

Giving further information on the report, Hon. Olowo told his colleagues that the loan facility comes with an interest rate of five percent in the first two years and nine percent in subsequent years, with a two-year moratorium.

Many of the 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 will 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 chairman of 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.

Meanwhile, Speaker Obasa has described Nigeria as a blessed nation loved by God in a message released by his media office in commemoration of the 2021 Christmas celebration.

Dr. Obasa urged Christians and other Nigerians to continue to replicate this love from God in their daily activities as love is what the country needs at this phase of its journey to greatness.