The Lagos House of Assembly has granted Governor Babajide Sanwo-Olu’s request for N18.7billion bridging facility loan offered by the Federal Ministry of Finance, Budget and National Planning.
The money is meant to facilitate the speedy completion of Regional road and Lekki-Epe Expressway project, according to the government.
The House in a plenary granted the approval for the sum of ₦3.7bn for the regional road project and the sum of ₦15bn for Lekki-Epe Expressway project, totaling ₦18.7bn.
Commenting on the approval, Chairman, House Committee on Finance, Hon. Rotimi Olowo explained that the interest rate is 5percent in the first two years and 9percent in subsequent years, giving it a two-year moratorium.
Also, Hon. Setonji David further explained that the loan is a single digit one with the repayment period of 30years under, which the project will drive sustainable economic growth and development in the State while Hon. Bisi Yusuf stated that the loan will aid Lekki free trade zone, the commercial centre of the State.
The Speaker, Rt Hon. Mudashiru Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko to send a clean copy of the approval to the Governor.
