Buhari asks Senate to approve N14.7bn World Bank Facility for Edo State

President Muhammadu Buhari on Tuesday asked the Senate to approve a $75 million (about N14.7 billion) World Bank facility for Edo State.

Buhari and Oshiomhole

Senate President, Abubakar Bukola Saraki, read Buhari’s letter requesting the upper chamber to approve the loan for Edo State.

Buhari said the loan is for developmental programme in Edo State.

The Presidential letter is titled: “Request for approval to obtain 75million USD credit facilities from the World Bank for Edo State.”

The President said, “I am writing to seek the consideration from the National Assembly an approval for the request from Edo State government to obtain a 75million dollar credit facility from the World Bank.

“You may wish to know that the World Bank had approved a development policy program for the total sum of 225million dollars to Edo State government in 2012 to be implemented in three tranches of 75millon per annum.

“The first tranche was approved by the National Assembly in the 2012/2014 Federal Government external rolling borrowing plan.

“The Development Progamme Operation (DPO) has since been successfully implemented by the state in 2014.

“Following this success, the bank’s board of executive directors approved the second tranche.

“On April 29 2015, the DPO too was captured in the Federal Government external borrowing plan of 2014/2017 which is pending with the National Assembly.

“It is for the above reason that I seek your favour to facilitate the consideration and approval of the development policy operation 2 loan of $75 million to enable the state to consolidate on the phase of the first tranche of the operation DPO 1.

“Your Excellency, it’s instructive to mention that Edo State has informed me that the key programme objectives of the DPO are already beginning to show in terms of increased inflow of private investment to the state.

“Increased private sector employment opportunities and increased internally generated revenues, an accelerated approval of this request will help to sustain this phase.”

Buhari requested for speedy consideration of the request by the Senate.

Buhari asks Senate to approve N14.7bn World Bank Facility for Edo State