President Muhammadu Buhari, on Tuesday, requested the approval of the National Assembly to obtain a 75 million dollars (about N15.75 billion) credit facility from the World Bank for Edo.
The request is contained in a letter from the president, which was read by the Speaker of the House of Representatives, Yakubu Dogara, at plenary.
Buhari informed the lawmakers that the World Bank had approved a Development Policy Programme (DPP) for a total sum of 225 million dollars (about N47.25 billion) for Edo in 2012.
He explained that the program was to be implemented in three tranches of 75 million dollars per annum.
According to the letter, the first tranche was approved by the National Assembly in the 2012/2014 Federal Government external ruling borrowing plan.
The letter said that the DPP had since been successfully implemented by the state in 2014, adding that following the success, ‘’the bank’s board of executive directors approved the second tranche’’.
It said that on April 29, 2015, the DPP was captured in the Federal Government external borrowing plan of 2014/2017 which was pending with the assembly.
The president added that it was instructive to mention that Edo had informed him that the key programme objectives of the DPP were already beginning to show.
He said the objectives showed in terms of increased influence of private investment to the state, in close private sector employment opportunities and increased internally generated revenues.
The President, however, solicited accelerated approval of the request which he said would help to sustain this gaze.
The president’s letter was also read on the floor of the Senate. (NAN)