LAGOS STATE GOVERNMENT TO BORROW $200 MILLION FROM WORLD BANK

The Lagos state government would in 2014 take a second tranche of a six hundred million  dollar loan from the World Bank which it applied for in 2010.  The scheme according to the borrowing plan is to be implemented in three tranches of two hundred million dollars each by the state government.

In a letter from President Jonathan to the Senate, the president said the second tranche  of the development policy operation was unfortunately, not captured in the 2013-2014 medium term borrowing plan. President Jonathan in the letter, however urged the Senate to include the second tranche of the borrowing scheme into the current borrowing plan and the World Bank supported the Public Private Partnership project, which was approved by the National Assembly in the 2010 borrowing plan with a total credit amount of US $315 million, has enjoyed only US$15 million  disbursement to date from the World Bank after about two years of project implementation.

In the letter, the President stated that “The World Bank approved a Development Policy  Operation (Budget Support) for a total credit  amount of 600 million Dollars to the Lagos state government in 2010. “The fund is expected to be implemented in three tranches of $200 million each. “The first tranche of $00 million was approved by the National Assembly in the 2010  Borrowing Plan. “The Development Policy Operation (DPO) 1 was implemented in 2011.  “However, given the importance of the second  tranche to the success and sustainability of the  first tranche, I wish to submit it for your consideration for inclusion in the current  borrowing plan.  “This will, however, be without additional  funding request”. it ended.