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Arise News247 obtained that the 350 million dollars Work Bank loan request for Ogun State Development Policy Operation (DPO) as contained in the 2016-2018 Rolling Plan, which was presented before the Senate has been approved during the Senate plenary on today, Thursday November 9, 2017.
Senator Shehu Sani, the Chairman, Senate Committee on Local and Foreign Debts, while presenting the report of the committee said that the committee observed that the Ogun State DPO budget for the loan had been approved by World Bank since 2016, Arise News247 reports.
He also added that the loan had was captured in the 2016-2018 borrowing plan as approved by the National Assembly.
In his words: “The facility has already been captured in the 2016-2018 Medium Term Expenditure Framework.
“It also has low and acceptable loan sustainability level, therefore it is eligible to borrow.
“The DPO loan will further help to enhance the capacity of the state government.
“The state has met the various conditions laid by World Bank and as such qualified for the loan.
“It has also put in place institutional framework for transparent and accountable budgetary and financial purpose,” he added.
He thus concluded that the committee’s recommendation is that the Senate should go ahead to “approve the loan as contained in the 2016-2018 external borrowing rolling plan of President Muhammadu Buhari.’’
The report was put to voice vote by Senator Ike Ekweremadu, the Deputy Senate President, who presided over the plenary, and “the ayes have it.” Thus, it was pronounced approved.
It is worthy of note that Senator Shehu Sani (APC) from Kaduna had earlier worked against Gov Nasiru El-Rufai (APC) of Kaduna State’s request for an approval to take loan.
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