The Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s request to borrow N18 billion from the Federal Ministry of Finance, Budget, and National Planning.
It was gathered that the loan is to ensure speedy completion of projects such as the Lekki-Epe Expressway.
The approval was granted at a sitting presided over by the Speaker, Mudashiru Obasa, after a report on the request was presented by Chairman of the House Committee on Finance, Rotimi Olowo.
Olowo said the loan facility comes with an interest rate of five per cent in the first two years, and nine per cent in subsequent years, with a two-year moratorium.
Many of the lawmakers who contributed to the debate supported the approval, saying it would further help the state sustain its mega-city status.
They hailed the government for its proactiveness, saying the loan will bring immense infrastructural benefits to Lagos.
The lawmakers added that the loan was favourable considering the conditions.