Wednesday, 5 August 2015

Buhari Writes Saraki On $75million Edo State Loan Request

President Muhammadu Buhari has written to the senate
seeking approval for a $75 million loan from the World Bank
for the Edo state government.

“I am writing to seek the consideration of the national
assembly of Nigeria on approval of a request by the Edo
state government to obtain a $75 million credit facility from
the World Bank,” the president wrote in a letter read on the
floor of the upper chamber by Bukola Saraki, senate
president, on Tuesday.

“You may wish to know that the World Bank had approved a
Development Policy Programme (DPO) loan budget support
for the total sum of $225 million to the Edo state
government in 2012 to be implemented in three tranches of
$75 million per annum.

“The first tranche was approved by the national assembly in
the 2012-2014 federal government external borrowing plan.
“The programme has since been successfully implemented
by the state in 2014. Following this success, the bank’s
board of executive directors approved the second tranche.

“DPO 2, on April 29, 2015. The DPO 2 was captured in the
federal government external ruling borrowing plan of
2014-2017, which is pending with the national assembly.

“It is for the above reason that I seek your favour to
facilitate the consideration and approval of the Development
Policy Operation 2 (DPO2) loan of $75 million to enable the
state to consolidate on the first tranche of the operation.”

On Saturday, TheCable reported that the World Bank loan
was being stalled by the unending row between Buhari and

For World Bank to grant the development loan, the president
was required to write the senate. However, the letter was
written by Danladi Kifasi, the head of service, and addressed
to the senate president. The senate refused to act on it,
instead writing back to Kifasi to pointing out the procedural

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