Lagos state has secured approval to get a bridging facility loan offered by the Federal Ministry of Finance, Budget and National Planning for the completion of regional roads in the state as well as that of the Lekki-Epe Expressway project.
The approval was given to Governor Babajide Sanwo-Olu by the state House of Assembly.
Lawmakers, who are currently busy with the budget defence by Ministries, Departments and Agencies (MDAs) of government, had to convene an emergency plenary to grant the Governor’s request.
A total of ₦3,750,000,000 was approved for the regional road project, while ₦15,000,000,000 was for Lekki-Epe Expressway project respectively, bringing the grand total to ₦18,750,000,000.
Speaking on the report, Chairman, House Committee Committee on Finance, Rotimi Olowo, noted that loan facility will carry a five percent interest rate in the first two years and nine percent for the subsequent years, even as a two-year moratorium was given to it.
On his part, the Committee Chairman of Information, Setonji David, equally noted that the loan was a single digit with the repayment period of 30 years, during which the project would drive sustainable economic growth and development in the state.
In his own contribution, Bisi Yusuf said the loan would aid Lekki Free Trade Zone which has become the state’s commercial centre.
Other lawmakers spoke in support of the request, commending the state government being proactive as the move would bring immense infrastructural benefits to the state.