FEC approves $200m World Bank loan for Lagos

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The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has approved a $200 million which is the second tranche of the $600 million World Bank credit facility to the Lagos State government to upgrade its infrastructure, including road rehabilitation. \r\nBriefing State House correspondents after the meeting, Minister of Information and Culture, Lai Mohammed and his Power, Works and Housing counterpart, Babatunde Raji Fasola said the FEC\’s approval was sequel to the memo presented to the council by the Minister of Finance, Kemi Adeosun, which explained that the loan would facilitate the completion of developmental programmes like road construction and rehabilitation initiated by the Lagos State government since 2010.\r\nGiving a clarification on the loan facility, Fashola, who is the immediate past governor of Lagos State emphasised that it was not a new loan but a segment of a programme of developmental initiatives, which was approved in 2010 totalling $600 million to be disbursed in tranches of $200 million each year starting from 2011-2013.

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