Buhari seeks legislative approval on $200m loan for Lagos

President Muhammadu Buhari of Nigeria

President Muhammadu Buhari of Nigeria

President Muhammadu Buhari on Tuesday  sent a request to the National Assembly seeking approval for another tranche of a $200 million World Bank loan for the Lagos State Government.

The request was conveyed in a letter read in the plenary by the Senate President, Bukola Saraki, and the Speaker, Mr. Yakubu Dogara.

It would be recalled that the World Bank in 2010 had offered a development police operation facility worth $600 million to the state, to be operated in three tranches of $200 million per annul.

In a separate letter, President Buhari also sought the legislature’s approval to raise Nigeria’s proposed diaspora bond to $300 million, from the initial $100 million.

According to the president, the raise is needed to accommodate the “huge amount of capital” required to bridge the infrastructure gap in the country.

Meanwhile, the presidency has equally wrote the Senate, seeking approval for the confirmation of Mr Babatunde Fowler and Ahmed Lawan Kuru, as the Chairman of the Federal Inland Revenue Services (FIRS) and the Asset Management Corporation of Nigeria (AMCON) respectively.

Other nominees for the same position were Kola Ayeye, Eberechukwu Uneze and Aminu Ismael.

Also, Prof. Garba Danbata was also nominated as the Chairman of Nigeria Communications Commission.

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