The Federal Executive Council, FEC, today confirmed a $200 million borrow for Lagos posture administration. Announcing this to state house correspondents later the FEC congress, Minister of Info. And Culture, Lai Mohammed and Minister of works, route furthermore Disposal Babatunde Fashola, said the advance was allotment of a $600 million credit granted by World Bank to stake the building of courses plus alternative infrastructural evolution enterprises in the commonwealth.
“After the first tranche was disbursed, there
was a freeze on the second tranche. The initial agreements we had with the World Bank was a 40-year loan, a 10-year moratorium and 0.5 percent interest. But because of the delays that subsequently characterised the partisan interference that
took place, our profile as a nation also changed we have become a bigger economy. Though money was being lent to us, we are no longer taking it as a highly indebted nation. So by the time this one was approved, because of the delays, we had lost the opportunity of 40 years as it is now a loan of 25 years, the moratorium has reduced to five years instead of 10 years. The interest rate had gone up to 2.5 percent, but what is still heart-warming about it is that it helps to finance infrastructure.”