President Muhammadu Buhari yesterday sought the approval of the Senate, through a letter to the Upper Chamber of the National Assembly, for a N14.7billion ($75million) loan from the World Bank for the Development Policy Operation, DPO of Edo State.
The letter, read at the plenary by the Senate President, Dr. Abubakar Bukola Saraki, stated that the loan was the second tranche of a sum of $225 million already approved by the bank.
Buhari reminded the senators in the letter that the N14.7billion is from N44.1billion ($225million) World Bank loan granted Edo State government in three tranches of $75million per annum, and which was first approved by the 7th Senate in 2012.
The state government had in line with how the credit facility is structured, collected N14.7billion ($75million) in 2012 as first tranche offer and now seeking for the release of another N14.7billion as second tranche offer.
In the letter titled: “Request for Approval to Obtain $75million USD Credit Facilities From the World Bank for Edo State,” President Buhari said the Edo State governor had convinced him that the purpose for which the first tranche of the loan was released has largely been achieved, hence, the need for approval of another tranche.
The letter reads in part: “I am writing to seek the consideration from the National Assembly an approval for the request from Edo state government to obtain a 75million dollar credit facility from the World Bank.
“You may wish to know that the World Bank had approved a development policy program for the total sum of 225million dollars to Edo state government 2012 to be implemented in three tranches of 75millon per annum.
“The first tranche was approved by the national assembly in the 2012/2014 federal government external ruling borrowing plan.
“The Development Policy Operation, DPO, has since been successfully implemented by the state in 2014. Following this success, the bank’s board of executive directors approved the second tranch.
“On April 29 2015, the DPO too was captured in the Federal Government external borrowing plan of 2014/2017 which is pending with the national assembly.
“It is for the above reason that I seek your favour to facilitate the consideration and approval of the development policy operation two loans of $75 million to enable the state to consolidate on the gaze of the first tranche of the operation DPO 1.
“Your Excellency, it’s instructive to mention that Edo state has informed me that the key programme objectives of the DPO are already beginning to show in terms of increased influence of private investment to the state.
“In closed private sector employment opportunities and increased internally generated revenues, an accelerated approval of this request will help to sustain this gaze.
“I look forward distinguished Senate president to the usual kind expeditious consideration of the above request by the Senate.
“This letter supersedes HCF/3143/t/137 of July 28, 2015. Please accept as usual your assurances of my highest regards,” he said.

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