The Federal Executive Council on Wednesday approved an additional $200m loan from the International Development Association, an arm of the World Bank, in support of the Lagos State Development Policy Operation.
This was disclosed by the Minister of Information and Culture, Alhaji Lai Mohammed and the Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN), who briefed State House correspondents at the end of the meeting presided over by President Muhammadu Buhari.
According to Fashola the $200 million facility was not a new loan but a segment of a programme of developmental initiatives which was approved in 2010 with a total sum of $600m for Lagos State.
He said the sum was meant to be disbursed in tranches of $200m each year starting from 2011 to 2013, regretting that the arrangement suffered delays as a result of partisan political differences in the last dispensation.
What the Loan will be used for:
- The loan would enable the Lagos State Government to complete some of its ambitious projects, such as the 61km 10-lane expressway from Lagos to Badagry that would also include 27-kilometre light roads.
- The loan would also enable the state government to rehabilitate the inner roads in Apapa in addition to some other major ongoing works.
This will come as a relief to Lagosians, who urgently believe that Lagos State Government should do something about the recent traffic gridlocks which have been affected productivity and increased the stress levels of residents.