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Lagos Assembly Approves Sanwo-Olu’s Request To Obtain N18bn Loan



Members of the Lagos state House of Assembly during plenary on Thursday approved the request of Governor Babajide Sanwo-Olu to obtain N18.7billion loan offered by the Federal Ministry of Finance, Budget and National Planning.

According to the request, the loan is to facilitate speedy completion of regional road and Lekki-Epe Expressway projects.

Speaking on the request, Hon. Rotimi Olowo, Chairman, House Committee on Finance, submitted that the interest rate is 5% in the first two years and 9% in subsequent years, giving it a two years moratorium.

In his contributions, Hon. Setonji David (Badagry 2), noted that the loan is a single digit with repayment period of 30 years under which the project will drive sustainable economic growth and development in the state.

Also, Hon. Bisi Yusuf (Alimosho 1) stated that the loan would aid Lekki free trade zone which is the commercial center of the state.

Other lawmakers in support of the request commended the state government, noting that the purpose of the request was well stated and would bring immense infrastructural benefits to the state.

Thereafter, the Speaker, Rt. (Hon) Mudashiru Obasa, granted the approval to the request for ₦3.75 billion for the Regional road project and N15billion for Lekki-Epe Expressway project respectively, totaling ₦18.75billion

Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko to send a clean copy of the approval to the Governor, Mr. Babajide Sanwo-Olu.


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