Buhari Writes Reps, Seeks $500 Million Loan For Lagos, Diaspora

Buhari Writes Reps, Seeks $500 Million Loan For Lagos, Diaspora

By Ephraim Adiele | Associate Editor on September 30, 2015
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Presidential Muhammadu Buhari Nigeria APC
Nigerian president Muhammadu Buhari, shown here on June 14 in Johannesburg, South Africa. | Mujahid Safodien/AFP/Getty Images

President Muhammadu Buhari on Tuesday, September 29, 2015 approached the House of Representatives seeking a $200 million World Bank loan for Lagos State.

It would be recalled that the World Bank had loaned the state a $600 million loan for Development Police Operation to be paid in three tranches of $200 million.

President Buhari’s request was contained in a letter which was read to the members of the House by the Speaker, Yakubu Dogara.

Part of the letter reads, “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.”

RELATED: Senate Approves $75 Million World Bank Loan For Edo State

In a separate letter, the President sought the approval of the House to raise the country’s Diaspora Bond to $300m.

Parts of the letter read: “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.”

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