President Muhammadu Buhari has requested the national assembly to approve a tranche of $200 million World Bank loan for Lagos state.
The senate president and speaker of the house of representatives, read the letter on Tuesday when both chambers resumed from a break of six weeks.
“I seek your support to facilitate the consideration and early approval of the DPO II loan of the US$200m to enable the state to consolidate on the gains of the second tranche of the operation (DPO) II,” part of the letter read.
In 2010, the World Bank offered a Development Policy Operation facility worth $600m to the state to be operated in three tranches of $200m per annum.
The President, in a separate letter read to members on Tuesday, also sought the approval of the legislature to raise Nigeria’s proposed Diaspora Bond to $300m.
Buhari explained that the raise was needed to accommodate the “huge amount of capital” required to bridge the infrastructure gap in the country. He also informed the House that Nigerians in the Diaspora had shown interest in the bond.
Buhari stated, “The purpose of this letter, therefore, is to request approval of the House of Representatives to increase the amount proposed to be raised through the Diaspora Bond from US$100m to a maximum of US$300m.”
