The House of Representatives has adopted the recommendation of its Committee on Loans, Aids and Debt Management pegging $7.3 billion as the External Borrowing Plan under the 2013-2015 Medium Term Expenditure Framework and Fiscal Strategy (MTEFFS).
Also, federal lawmakers adopted the Committee’s recommendation for the inclusion of the second tranche of $200million World Bank loan for Lagos State in the MTEFFS plan.
It would be recalled that President Goodluck Jonathan proposed to the National Assembly the sum of $7.9billion and later? reviewed it upwards to $9.2billion.
For Lagos, the federal government halted a $600 million Development Policy Operation (DPO) loan obtained by the Lagos State government from the World Bank. The World Bank had put in place the loan in the yearly sum of $200 million for three consecutive years starting from 2011 but the Federal Executive Council (FEC) stopped the facility after the first tranche was paid in 2011 in unclear circumstances.
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