Lagos Assembly approves N18 billion naira loan request from Sanwo-Olu
The Lagos State House of Assembly on Thursday approved a request from Governor Babajide Sanwo-Olu for a N18.2 billion loan from the Federal Ministry of Finance, Budget and National Planning.
The loan is intended to ensure the rapid completion of projects such as the Lekki-Epe motorway.
The approval was granted in a session chaired by the Speaker of the House, Mudashiru Obasa, after a report on the loan request was filed and presented by the Chairman of the House Finance Committee, Rotimi Olowo. .
Providing further information on the report, Mr Olowo told colleagues that the loan facility carries an interest rate of five percent in the first two years and nine percent in subsequent years, with a two-year moratorium.
Many lawmakers who contributed to the debate argued that the facility would be approved because it would further help the state maintain its status as a mega-city.
They commended the state government for being proactive, saying the loan will bring immense infrastructural benefits to Lagos.
They further stated that the loan was favorable given the conditions that came with it.
In his contribution, the Chairman of the House Committee on Information, Setonji David, noted that the loan has a single-digit interest rate with a 30-year repayment period.
He said the project for which the loan was requested would promote sustainable economic growth and development in the state.
Mr Obasa, after a voice vote from lawmakers in favor of approval, ordered Acting House Clerk Olalekan Onafeko to send a blank copy of the approval to the governor.
Meanwhile, Mr. Obasa described Nigeria as a blessed nation beloved by God in a message released by his media office in commemoration of the 2021 Christmas celebration.
Mr. Obasa urged Christians and fellow Nigerians to continue to replicate this love of God in their daily activities, as love is what the country needs at this phase of its journey to greatness.
“Jesus Christ, the famous face of Christians around the world, preached and taught love as one of God’s greatest commandments.
“If we think deeply, we will understand that love is an ultimate solution to the many challenges facing humanity.
“All the commandments that God has given to man can be summed up in the need to love him and to love our neighbor.
“So it is undeniable that if we maintain our resolve, individually and collectively, to love one another as Jesus pointed out, the world would be a better place,” the president said.
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