The Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s request for an N18,225,336,103 loan to speed up the expansion of the Lekki-Epe Highway.
The facility, to be provided by the Federal Ministry of Finance, Budget, and National Planning, will also ensure the government completes some other projects.
The approval was granted at a sitting presided over by the Speaker, Mudashiru Obasa, after a report on the loan was presented Chairman, Committee on Finance, Rotimi Olowo.
Olowo said it comes with an interest rate of five percent in the first two years and 9 percent in subsequent years, with a two-year moratorium.
In separate contributions, lawmakers endorsed Sanwo-Olu’s move, agreeing it would further help Lagos to sustain its mega-city status.
Chairman, Committee on Information, Setonji David, explained that the loan has a single-digit interest rate and a repayment period of 30 years.
David expressed confidence that the major project to be covered (Lekki-Epe) would drive sustainable economic growth and development in the state.
After a voice vote in support of the approval, Obasa directed the Acting Clerk, Olalekan Onafeko, to send a clean copy of the approval to the Governor.
However, in his Christmas message, the Speaker urged Christians and other Nigerians to continue to replicate love in daily activities.
Obasa recalled that Jesus Christ preached and taught love as one of the greatest commandments from God.
Urging more prayers for the country, he advised citizens to ensure safe Yuletide celebrations, remain conscious of surroundings, and sustain adherence to COVID-19 safety protocols.
