President Muhammadu Buhari on Tuesday requested the House of Representatives to approve another tranche of $200million World Bank loan for Lagos State.

The WB had, in 2010, offered a Development Police Operation facility worth $600m to the state to be operated in three tranches of $200m per annum.

The President’s request was conveyed in a letter the Speaker, Mr. Yakubu Dogara, read to members on the floor, soon after they resumed from a six-week annual break on Tuesday.

The letter explained that the request was for the DPO II.

Part of the letter reads, “I seek your support to facilitate the consideration and early approval of the DPO II loan of the US$200m to enable the state to consolidate on the gains of the second tranche of the operation (DPO) II.”

In August, Buhari sent a similar request to the National Assembly in respect of Edo State In the case of Edo State, he requested approval for $75m in the second tranche of the total of $225m
facility the bank offered Edo State.

The President, in a separate letter read to members on Tuesday, also sought the approval of the legislature to raise Nigeria’s proposed Diaspora Bond to $300m.

However, Buhari explained that the raise was needed to accommodate the “huge amount of capital” required to bridge the infrastructure gap in the country.

He also informed the House that Nigerians in the Diaspora had shown interest in the bond.

Buhari stated, “The purpose of this letter, therefore, is to request approval of the House of Representatives to increase the amount proposed to be raised through the Diaspora Bond from US$100m to a maximum of US $300m.”

http://www.punchng.com/news/buhari-seeks-500m-loan-for-lagos-diaspora-bond/

All this loans self .Hope they can make a good account of how it was spent. And secondly hope they have a means to pay back.....Just saying my mind on top the matter...

Buhari why ?

Two things are involved.

1. You are either paying back in style the money invested in your campaign or
2. You are attempting to redeem your image as a result of your evil deed during Pa Lateef Jankande era of you cancelling Lagos rail project.

However, the debt profile of Lagos state is getting too high, The highest debtor in Nigeria (both domestic and foreign) Lagos is now highly geared; don't tell me the Gearing Ratio is healthy compare to its liquidity.

Mortgaging our future generation must stop.

N160bn World Bank Loan on Light Rail Project and rail still in slow motion from Canada after 7 years of Fashola inspection.

Lagos EKO Secondary School Project Loan of $137 Million USD has no impact - Gone into tin air.

The school loan was followed by an approval of additional $200m to the state by World Bank to support the state reforms pertaining to fiscal sustainability, budget planning, budget execution and the investment climate.

All this Millions of Dollars Loans, Bonds and several other facilities despite the state high IGR which covers about 70% of its annual budget without recording what accrue to the state for the federation accounts.

Something is wrong and my people are not asking questions.

Hope it will be judiciously used and we'll accounted for. because loan could become a burden to the government and by extension the people if not put into good use.

Good idea

Since wey oga Jonathan no wan return our money!

BTW, Lagos is resourceful and can repay the loan in time.

ok

Kestohate come and relate this to tribe ........ Foooooool!

Who is the Governor of that Lagos State

Yow wan kill us with gbese for Lagos ni ?

HMM

and it piles up

WEST HAM ALSO LOAN MOSES AND HE IS DELIVERING FOR THEM

He who goes a borrowing goes a sorrowing...

Baba I too trust you. Carry go!

Wowwwww.I believe n know this amount will be spent on what it is meant for.If na under gej's regime,believe mi.That will be the last time you heard about it.

Loannnnnnnnnn

why thief tinubu no give you? una dey fight?

Hmm.

If I talk wetin dey my mind now, the 2nd to last page would comprise of abuses directed at me.

Mek I kukuma dey observe

Eko oni baaje jooo

Obaje tiii...



Some prople are not going to sleep well tonight at all!!


Sai baba

Sai Jagaban

Long live federal Republic of Nigeria.

phransix147:
Create jobs

Create you say? #SMH

more money to be embezzled

Omg
Hope this doesn't end up in a private acc belonging to a certain individual that owns the whole of southwest

baralatie:
and it piles up

Don't you read?

300 million loan for diaspora bong that one na baba pocket I dey enter. 200 million for lagos in other words for thiefunubu. The true will set us free.

Una see unaself.

30% of that money will go to tinubu
Quote me anywhere d guy is d landlord of Lagos and ambode is his favourite dog of all his pets

disloman:
Don't you read?

did you understand what you read and its implication

"However, Buhari explained that the raise was needed to accommodate the “huge amount of capital” required to bridge the infrastructure gap in the country".

REALLY!!!! so the $500m loan for Lagos state and the so called diaspora bond will now bridge the infrastructural gap in the Country?

Is the FEC Meeting now abolished?