Governor Babajide Sanwo-Olu’s requestfor a loan of N18,225,336,103.89 from the Federal Ministry of Finance, Budget, and National Planning was accepted by the Lagos State House of Assembly on Thursday.
According to Eromosele Ebhomele, Chief Press Secretary to the Speaker of the Lagos State House of Assembly, the loan is intended to facilitate the timely completion of projects such as the Lekki-Epe Expressway.
After a report on the loan request was submitted and presented by the head of the House Committee on Finance, Rotimi Olowo, the approval was granted during a meeting presided over by the Speaker of the House, Mudashiru Obasa.
Olowo told his colleagues that the lending facility has a five percent interest rate for the first two years and a nine percent interest rate for the following two years, with a two-year moratorium.
Many of the legislators that took part in the debate were in favor of the loan being granted.
They praised the state government’s initiative, claiming that the loan will improve Lagos’ infrastructure greatly.
They also stated that the loan was advantageous in light of the terms attached to it.
Setonji David, the chairman of the House Committee on Information, stated in his testimony that the loan had a single-digit interest rate and a 30-year repayment period.
He said that the money will be used to fund a project that would help the state achieve long-term economic growth and development.
Following a voice vote in favor of the approval, Speaker Obasa asked Mr. Olalekan Onafeko, the Acting Clerk of the House, to submit a clean copy of the permission to the Governor.
Meanwhile, in a message sent by his media office in honor of the 2021 Christmas celebration, Speaker Obasa hailed Nigeria as a blessed nation cherished by God.
Obasa asked Christians and all Nigerians to continue to demonstrate God’s love in their daily activities, saying that love is what the country requires at this point in its development.
“Jesus Christ, the celebrated face of the Christians around the world, preached and taught love as one of the greatest commandments from God.
“If we think deeply, we will understand that love is an ultimate solution to the many challenges facing mankind.
“All the commandments that God handed man can be summarised into the need to love Him and love our neighbours.
“There is, therefore, no gainsaying that if we maintain our resolve, individually and collectively, to love one another as emphasised by Jesus, the world would be a better place,” the Speaker said.