President Buhari Seeks $500m Loan For Lagos, Diaspora Bond

President Muhammadu Buhari on

Tuesday requested the House of

Representatives to approve another

tranche of $200million World Bank loan

for Lagos State.

The WB had, in 2010, offered a

Development Police Operation facility

worth $600m to the state to be operated

in three tranches of $200m per annum.

The President’s request was conveyed in

a letter the Speaker, Mr. Yakubu Dogara,

read to members on the floor, soon after

they resumed from a six-week annual

break on Tuesday.

The letter explained that the request was

for the DPO II.

Part of the letter reads, “I seek your

support to facilitate the consideration and

early approval of the DPO II loan of the US

$200m to enable the state to consolidate

on the gains of the second tranche of the

operation (DPO) II.”

In August, Buhari sent a similar request

to the National Assembly in respect of

Edo State In the case of Edo State, he

requested approval for $75m in the

second tranche of the total of $225m

facility the bank offered Edo State.

The President, in a separate letter read to

members on Tuesday, also sought the

approval of the legislature to raise

Nigeria’s proposed Diaspora Bond to

$300m.

However, Buhari explained that the raise

was needed to accommodate the “huge

amount of capital” required to bridge the

infrastructure gap in the country.

He also informed the House that

Nigerians in the Diaspora had shown

interest in the bond.

Buhari stated, “The purpose of this letter,

therefore, is to request approval of the

House of Representatives to increase the

amount proposed to be raised through the

Diaspora Bond from US$100m to a

maximum of US $300m.”

Source: PunchNg