Lagos House of Assembly has approved the State Governor, Mr Babajide Sanwo-Olu’s request for approval of the bridging facility loan offered by the Federal Ministry of Finance, Budget and National Planning to facilitate the speedy completion of the Regional road and Lekki-Epe Expressway project.
The House which is currently handling budget defence by MDAs hurriedly called for plenary to grant the Governor’s request.
In furtherance to the request, the House granted the approval for the sum of ₦3,750,000,000.00 for the Regional road project and the sum of ₦15,000,000,000.00 for Lekki-Epe Expressway project respectively, totaling to the sum of ₦18,750,000,000.00.
Speaking on the report, Hon. Rotimi Olowo, Chairman, House Committee on Finance, submitted that the interest rate is 5% in the first two years and 9% in subsequent years, giving it a two-year moratorium.
Lending his support on the approval, Hon. Setonji David, noted that the loan is a single digit with the repayment period of 30 years under which the project will drive sustainable economic growth and development in the State.
Also contributing, Hon. Bisi Yusuf stated that the loan will aid Lekki free trade zone which is the commercial center of the State.
Other lawmakers in support of the request commended the State Government proactiveness, saying hat the purpose of the request is well stated and would bring immense infrastructural benefits to the State.
Thereafter, the Speaker, Rt Hon. Mudashiru Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko to send a clean copy of the approval to the Governor.
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