Buhari Seeks Senate Approval For Oshiomole’s $75 Million World Bank Loan

Buhari Seeks Senate Approval For Oshiomole’s $75 Million World Bank Loan

By News Desk | The Trent on August 5, 2015
APC Presidential and Vice Presidential Candidates, General Muhammadu Buhari and Professor Yemi Osinbajo on a courtesy visit to Oba of Benin during the 2015 elections campaigns. On the right is APC Governor Adams Oshiomole of Edo State

President Muhammadu Buhari on Tuesday urged the Senate to grant the request by Edo State Government to obtain  $75 loan from the World Bank.
Buhari in a letter to the Senate President, Dr. Bukola Saraki, said the World Bank had earlier approved the sum of $225 credit facility for Edo State Government which he said was meant for implementation in three tranches.
According to him, the first tranche of the loan had been approved by the seventh National Assembly and following its successful implementation, the World Bank graciously approved the second tranche.
He also said this second tranche had been captured in federal government’s external borrowing plan of 2015 as he urged the Senate to expeditiously approve the request.
The letter read: “I am writing to seek the consideration from the National Assembly, an approval for the request from Edo State Government to obtain a $75million credit facility from the World Bank.
“You may wish to know that the World Bank had approved a development policy operation (DPO) programme for the total sum of $225million to Edo State Government in2012 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 ruling borrowing plan.
“The 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 DPO 2 loan of $75 million to enable the state consolidate on the gaze of the first tranche of the operation DPO.
“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 influence of private investment to the state.

“In closed private sector employment opportunities and increased internally generated revenues, an accelerated approval of this request will help to sustain this gaze.
“I look forward distinguished Senate President to the usual kind expeditious consideration of the above request by the Senate. This letter supercedes HCF/3143/t/137 of 28 July 2015. Please accept as usual, your assurances of my highest regards.”

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