President Goodluck Jonathan has requested the National Assembly to include $200 million for Lagos State from the World Bank loan to enable the state government execute specific critical projects.
This is part of 2012-2014 Medium Term Borrowing Plan.
In a letter to the Senate, dated October 22, 2013, and titled: “Request for inclusion of Lagos State Development Policy Operation II (DPO) Into the 2012-2014 Medium Term Borrowing Plan of the Federal Government”, the President explained that the loan will be the second tranche of $200 million to be collected by the Lagos State Government out of the total credit amount of $600 million granted it by World Bank in 2010.
He stated further that the $200 million DPO for Lagos State when included in the 2012-2014 borrowing plan of the Federal Government, would enable the state complete some critical infrastructure projects like the 27km light rail along the Lagos-Badagry Expressway corridor to Marina; the Ultra Modern Burns Centre and Cardiac and Renal Centre at Gbagada, Gbagada General Hospital, etc.
Jonathan said: “I wish to refer to the above subject and to inform the Distinguished Senate President that the World Bank approved a development Policy Operation (budget Support) for a total credit amount of US$600 million to the Lagos State Government in 2010 to be implemented in three tranches of US$200million each.
“The first tranche of US$200 million was approved by the National Assembly in the 2010 Borrowing Plan, making the Development Policy Operation 1 to be implemented by the state in 2011.
“Unfortunately, the second tranche of the Development Policy Operation II was not captured in the 2012-2014 Medium Term Borrowing Plan. I therefore wish to submit it for your consideration for inclusion in the current borrowing plan but with no additional funding request.”
According to President Jonathan, the World Bank supported 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.
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