The Federal Executive Council (FEC) on Wednesday approved $200 million World Bank loan for Nigeria’s commercial city, Lagos State, for infrastructural development.
The approval was made known to reporters after the FEC meeting by the Minister of Information, Mr Lai Mohammed and his Power, Works and Housing counterpart, Mr Babatunde Fashola.
According to them, the loan is part of a $600 million loan granted by World Bank for roads and other infrastructural development projects in Lagos State.
Mr Fashola said the first batch of $200 million was approved in 2010, but that subsequent batches were reportedly delayed by the last administration for political reasons.
“It suffered delays as a result of partisan political differences in the last dispensation.
“After the first tranche was disbursed there was freeze on the second tranche,” he explained.
Credit: ChannelsTv
