Senate President Bukola Saraki read the President’s letter requesting the approval for the loan.
President Buhari said the loan is meant for the state’s development programmes.
The President’s letter is entitled: Request for approval to obtain $75m credit facilities from the World Bank for Edo State.
Buhari said: “I am writing to seek the consideration from the National Assembly an approval for the request from the Edo State Government to obtain a $75 million credit facility from the World Bank.
“You may wish to know that the World Bank had approved a development policy programme for $225 million to Edo State Government in 2012 to be implemented in three tranches of $75 millon per annum.
“The first tranche was approved by the National Assembly in the 2012/2014 Federal Government External Rolling Borrowing Plan.
“The Development Programme Operation (DPO) has since been successful implemented by the state in 2014.
“Following this success, the bank’s board of executive directors approved the second tranche.
“On April 29, 2015, the DPO too was captured in the Federal Government External Borrowing Plan of 2014/2017, which is pending with the National Assembly.
“It is for the above reason I seek your favour to facilitate the consideration and approval of the Development Policy Operation II loan of $75 million to enable the state to consolidate on the phase of the first tranche of the operation DPO I.
“Your Excellency, it is instructive to mention that Edo State has informed me that the key programme objectives of the DPO are already beginning to show in terms of increased inflow of private investments to the state.
“Increased private sector employment opportunities and increased internally generated revenues, an accelerated approval of this request will help to sustain this phase.” The President requested Senate’s speedy consideration of the request.
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