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Lagos Assembly Grants Sanwo-Olu’s Request For ₦18bn Fresh Loan

Titi Abereowo  
Updated December 23, 2021
A photo of Lagos Assembly

 

The Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s request for approval of the bridging facility loan offered by the Federal Ministry of Finance, Budget, and National Planning to facilitate the speedy completion of the Regional road and Lekki-Epe Expressway project.

The House which is currently handling budget defence by MDAs recently called for a plenary to grant the governor’s request.

In furtherance to the request, the House granted the approval for the sum of ₦3,750,000,000.00 for the Regional road project and the sum of ₦15,000,000,000.00 for the Lekki-Epe Expressway project respectively, totaling to the sum of ₦18,750,000,000.00.

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Speaking on the report, 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-year moratorium.

Lending his support on the approval, Hon. Setonji David noted that the loan is a single digit with a repayment period of 30 years under which the project will drive sustainable economic growth and development in the State.

Other lawmakers in support of the request commended the State Government proactiveness, saying that it will bring immense infrastructural benefits to Lagos State.

The Speaker, Rt Hon. Mudashiru Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko therefore sent a clean copy of the approval to Governor Sanwo-Olu.