Lagos Assembly Approves Sanwo-Olu N18 Billion Loan Request | The Guardian Nigeria News
The Lagos State House of Assembly approved a request from Governor Babajide Sanwo-Olu for a loan of N18, 225, 336, 103, 89 from the Federal Ministry of Finance, Budget and National Planning.
In a statement signed yesterday by Eromosele Ebhomele, the chief press secretary to House Speaker Mudashiru Obasa, it was revealed that the loan is intended to ensure the swift completion of projects like the Lekki-Epe highway.
He noted that the approval was granted in a session chaired by the president, Obasa, after a report on the loan application was filed and presented by the chairman of the finance chamber committee, the hon. Rotimi Olowo.
Providing further information on the report, the Hon. Olowo told colleagues that the loan facility carries an interest rate of five percent the first two years and nine percent the following 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 praised 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 Information Committee, the Hon. Setonji David, noted that the loan has a single-digit interest rate with a 30-year repayment period.
Meanwhile, President 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.
Dr 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.