President Muhammadu Buhari yesterday urged the
Senate to approve a $75 million (about N14.7 billion) Word Bank loan for Edo
State.
Senate President Bukola Saraki read the
President’s letter requesting the approval for the loan.
President Buhari said the loan is meant for
the state’s development programmes.
The President’s letter is entitled: Request
for approval to obtain $75m credit facilities from the World Bank for Edo
State.
Buhari said: “I am writing to seek the
consideration from the National Assembly an approval for the request from the
Edo State Government to obtain a $75 million credit facility from the World
Bank.
“You may wish to
know that the World Bank had approved a development policy programme for $225
million to Edo State Government in 2012 to be implemented in three tranches of
$75 millon per annum.
“The first
tranche was approved by the National Assembly in the 2012/2014 Federal
Government External Rolling Borrowing Plan.
“The Development
Programme 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 tranche.
“On April 29,
2015, the DPO too was captured in the Federal Government External Borrowing
Plan of 2014/2017, which is pending with the National Assembly.
“It is for the
above reason I seek your favour to facilitate the consideration and approval of
the Development Policy Operation II loan of $75 million to enable the state to
consolidate on the phase of the first tranche of the operation DPO I.
“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 inflow of private investments to the state.
“Increased
private sector employment opportunities and increased internally generated
revenues, an accelerated approval of this request will help to sustain this
phase.” The President requested Senate’s speedy consideration of the request.