Tag Archives: $200 Million

FEC Approves $200 Million World Bank Loan For Lagos Infrastructure

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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

Jonathan’s $200 Million Nollywood Fund Likely To Be Probed

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A veteran thespian, Lari Williams, on Tuesday urged the government to inquire into the current state of the grant the Goodluck Jonathan’s administration gave to the entertainment sector. Williams told pressmen on Tuesday that he and others needed to know what had been disbursed and what had yet to be disbursed.

Williams added that a proper management of the sectors’ resources would help to keep it dynamic with the provision of requisite infrastructure and training schools for stage and movie performance. “There was a cash grant for the development of arts in Nigeria disbursed to the sector by the immediate past president but the practitioners do not know how the grant is being disbursed…”

Read More: vanguardngr