The Lagos state government would in 2014 take a second
tranche of a six hundred million dollar loan from the World
Bank which it applied for in 2010.
The scheme according to the borrowing plan is to be
implemented in three tranches of two hundred million dollars
each by the state government.
In a letter from President Jonathan to the Senate, the president
said the second tranche of the development policy operation was
unfortunately, not captured in the 2013-2014 medium term
borrowing plan.
President Jonathan in the letter, however urged the Senate to
include the second tranche of the borrowing scheme into the current borrowing plan and the World Bank
supported the Public Private Partnership project, which was approved by the National Assembly in the 2010
borrowing plan with a total credit amount of US$315 million, has enjoyed only US$15 million disbursement
to date from the World Bank after about two years of project implementation.
In the letter, the President stated that “The World Bank approved a Development Policy Operation (Budget
Support) for a total credit amount of 600 million Dollars to the Lagos state government in 2010.
“The fund is expected to be implemented in three tranches of $200 million each.
“The first tranche of $00 million was approved by the National Assembly in the 2010 Borrowing Plan.
“The Development Policy Operation (DPO) 1 was implemented in 2011.
“However, given the importance of the second tranche to the success and sustainability of the first tranche,
I wish to submit it for your consideration for inclusion in the current borrowing plan.
“This will, however, be without additional funding request”. it ended.
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