The Lagos State House of Assembly, on Thursday, approved a request by Governor Babajide Sanwo-Olu for a loan of N18,225,336,103.89 from the Federal Ministry of Finance, Budget, and National Planning.
The loan is meant to ensure speedy completion of projects like the Lekki-Epe Expressway.
The approval was granted at a sitting presided over by the Speaker of the House, Rt. Hon. (Dr) Mudashiru Obasa, after a report on the loan request was laid and presented by the chairman of the House Committee on Finance, Hon. Rotimi Olowo.
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Giving further information on the report, Hon. Olowo told his colleagues that the loan facility comes with an interest rate of five percent in the first two years and nine percent in subsequent years, with a two-year moratorium.
Many of the lawmakers who contributed to the debate supported that the facility be approved as it would further help the state sustain its mega-city status.
They commended the State Government for its proactiveness, saying that the loan will bring immense infrastructural benefits to Lagos.
They further said that the loan was favourable considering the conditions that come with it.
In his contribution, the chairman of the House Committee on Information, Hon. Setonji David, noted that the loan has a single-digit interest rate with a repayment period of 30 years.
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He said the project for which the loan was being sought would drive sustainable economic growth and development in the State.
Speaker Obasa, after a voice vote of the lawmakers in support of the approval, directed the Acting Clerk of the House, Mr. Olalekan Onafeko, to send a clean copy of the approval to the governor.
