Senate President, Bukola Saraki, on Tuesday presented at plenary a letter from President Muhammadu Buhari seeking approval for a 75 million dollar (N14.7 billion) loan for Edo State from the World Bank.
Saraki explained that the loan was the second tranche out of a total sum of 225 million dollars which was earlier approved by the bank for the state and subsequently approved by the 7th Senate in 2012.
According to the Senate President, the fund is for Development Policy Operation (DPO), a project meant to be completed in three equal tranches of $75 million each.
He noted that the DPO was captured in the Federal Government External Borrowing Plan of 2014/2017, pending before the National Assembly.
Saraki said that President Buhari explained in the letter that the fund was for the purpose of DPO, which had since been successfully implemented by the state in 2014.
He said that reports from the state indicated that the programme was already yielding results in terms of private sector investment, increased revenue and employment opportunities.
Following its success, he said, the bank’s board of executive directors approved the second tranche in April, which he was presenting at the Senate plenary on Tuesday for approval.