Politics
Lagos state Assembly approves Sanwo-Olu’s N18bn loan request
The Lagos State House of Assembly yesterday approved a request by Governor Babajide Sanwo-Olu for a loan of N18,225,336,103.89 from the Federal Ministry of Finance, Budget, and National Planning.
The loan is meant to ensure speedy completion of projects like the Lekki-Epe Expressway, according to a statement by Eromosele Ebhomele, Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
The approval was granted at a sitting presided over by the Speaker of the House, Mudashiru Obasa, after a report on the loan request was laid and presented by the chairman of the House Committee on Finance, Rotimi Olowo.
Giving further information on the report, Olowo told his colleagues that the loan facility comes with an interest rate of five per cent in the first two years and nine percent in subsequent years, with a two-year moratorium.
Many of the lawmakers who contributed to the debate supported that the loan is approved.
They commended the State Government for its proactiveness, saying that the loan will bring immense infrastructural benefits to Lagos.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
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