President Muhammadu Buhari yesterday pleaded with the Senate to approve a N14.7 billion World Bank loan for Governor Adams Oshiomhole of Edo state. The President told the Senate in a letter that the amount is the second of three tranches totaling N44.1 billion, which the Bank had approved for Edo State in 2012.
The UNION reports that the loan was to be implemented in three tranches. Buhari explained in the letter that the Development Policy Operation (DPO) was captured in the Federal Government’s external borrowing plan of 2014/2017.
He noted that the borrowing plan, which was captured on April 29, 2015, is still pending with the National Assembly. “I am writing to seek the consideration from the National Assembly and approval for the request from Edo State Government to obtain a $75 million credit facility from the World Bank.
“You may wish to know that the World Bank had approved a development policy programme for the total sum of $225 million to Edo State Government 2012 to be implemented in three tranches of $75 million per annum. “The first trench was approved by the National Assembly in the 2012/2014 Federal Government external rolling 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 trench. On April 29, 2015, the DPO, too, was captured in the Federal Government’s 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 Development Policy Operation Two loan of $75 million to enable the State to consolidate on the gains of the first trench of the operation DPO One.
“Your Excellency, it is 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 influx of private investment to the State. In closed private sector employment opportunities and increased internally generated revenues (IGRs), an accelerated approval of this request will help to sustain these gains.
-Teddy Nwanunobi, Abuja