Lagos Assembly approves N18 billion naira loan request from Sanwo-Olu


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The Lagos House of Assembly approved the request of the State Governor, Mr. Babajide Sanwo-Olu, to approve the loan for the transition facility offered by the Federal Ministry of Finance, Budget and Planning National Road to facilitate the early completion of the Lekki-Epe Regional Road and Motorway Project. .

The House, which is currently engaged in defense of the budget by the MDAs, hastily called for the plenary to accede to the governor’s request.

Following the request, the Chamber approved 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 motorway project respectively, totaling the sum of 18 750,000,000.00.

Speaking on the report, the Hon. Rotimi Olowo, chairman of the House of Representatives’ finance committee, argued that the interest rate is 5% the first two years and 9% the following years, giving him a two-year moratorium.

Supporting the approval, the Hon. Setonji David, noted that the loan is single-digit with a 30-year repayment period under which the project will boost the state’s sustainable economic growth and development.

Also contributing, the Hon. Bisi Yusuf said the loan would help the Lekki Free Trade Zone, which is the state’s trading center.

Other lawmakers supporting the request praised the state government for being proactive, saying the goal of the request was well articulated and would bring immense infrastructural benefits to the state.

Subsequently, the President, Rt Hon. Mudashiru Obasa asked the Acting Clerk of the House, Mr. Olalekan Onafeko, to send a blank copy of the approval to the governor.

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