The Senate on Thursday approved a 75 million World Bank loan for Edo state’s Development Policy Operation (DPO) as requested by President Muhammadu Buhari.

The approval followed the consideration of a single-prayer report of the ad hoc Committee on Local and Foreign Debt presented by Sen. Kabiru Gaya (APC Kano South).

The committee in its report urged the Senate to approve the loan, stating that the World Bank had already considered the state ready for it.

Sen. Adamu Aliero (APC Kebbi Central), in his contributions, said that Edo State had qualified for this loan, because the state had met the conditions set by the World Bank.

Aliero said that the loan would help increase the internally generated revenue of the state and, therefore, urged the Senate to approve it.

He also called on other states that have the capacity to borrow, to go ahead and take such loans, as long as they could utilize such judiciously.

The Leader of the Senate, Ali Ndume, while supporting the motion for the approval of the loan, encouraged other states with genuine needs to take advantage of such low interest loans, rather than the patronising commercial banks.

“The first tranche of this borrowing plan had already been approved by the senate and the World Bank has strict borrowing conditions– which the state has met.

“I therefore move that we approve this loan,” he said.

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