House Approves $75m World Bank Facility
Request for Edo state Gov. Adams Oshiomhole
Commences six week recess
Emefiele to appear before ad-hoc committee
Damilola Oyedele in Abuja
The House of Representatives on Thursday
approved the request by President
Muhammadu Buhari for the approval of the
second tranche of a $75 million World Bank
loan for Edo state.
While presenting the report, the Chairman of the
Ad-hoc Committee on the request, Hon.
Babangida Ibrahim (Katsina APC),
recommended that the House approves the
request.
He disclosed that World Bank, having been
satisfied with the utilisation of the first tranche,
has approved the second one of a $225
Development Policy Operation (DPO) facility in
2013.
One of the committee's finding, Ibrahim said is
that the Internally Generated Revenue of the
state has risen from 25 percent in 2013 when it
accessed the first tranche of $75 million, to 50
percent by 2015.
Ibrahim added that Edo and Lagos states were
the only ones adjudged to have met the
conditions for the budget support facility, out of
17 states who made the application.
The recommendations of the report were
passed by the House.
In the report obtained by THISDAY, the
Committee noted that the DPO facility is a
concessional budget support facility which is
not tied to any specific project. It attracts an
interest rate of 1.25 percent per annum with a
25 years tenor and five years moratorium.
"Edo state has a debt to FAAC monthly
allocation ration of about 29% as against the
current ceiling of 40% set by the DMO," the
report read. House Approves $75m
World Bank Facility
Request for Edo state,
Articles | THISDAY LIVE
thisdaylive.com

Ghen ghen