The Nation Newspaper

Tag: $350m loan

  • $350m Loan: Ogun/World Bank finalise economic transformation programme

    The Ogun State government and the World Bank have concluded the design and plans for an Economic Transformation Programme, towards the granting of a $350 million loan to the state.

    The Task Team Leader for the bank, Mr. Kofi Nouve, while presenting the progress report to Ogun State Governor Ibikunle Amosun, at his Oke-Mosan, Abeokuta office, said the major aim is to help the state put in place necessary reforms and critical social investments that will help uplift the welfare of the populace.

    “The team has gotten final approval to proceed with the final design mission”, he said, adding that all the core areas for the programme have been confirmed.

    According to him, the project has three core areas of implementation, which are, creation of enabling business environment, skill and human capital development as well as agricultural development.

    Nouve, who disclosed that the project has been on for almost two years, assured that in the next one month, final approval for the release of the fund will be obtained.

    The project, he stated, will go a long way to bring about healthy living for the citizens.

    Amosun, in his reaction, said his administration would do all things possible to ensure that the state gets the needed support from the bank, noting that the incoming administration already has a ready-made support to enhance good governance.

    Amosun observed that the bank’s support will also help to create a system-driven environment for business, urging the team to fast track the process for final approval.

  • Kaduna Reps fault Senate’s rejection of $350m loan

    FIFTEEN members of the House of Representatives from Kaduna State have faulted the Senate’s rejection of the $350 million World Bank loan request by the state government.

    The Senate had on Thursday rejected the request by the state for the $350 million loan, saying it would worsen the state’s debt profile.

    The rejection was based on the recommendation of the Senate Committee on Local and Foreign Debt and the three senators from the state.

    However, the caucus members of the House of Representatives from Kaduna State thought otherwise.

    The caucus comprises of members drawn from the All Progressives Congress and the main opposition Peoples Democratic Party in the House of Representatives from the state.

    The Leader of the House of Representatives Caucus, Datti Babawo (representing Sabon Gari Federal Constituency, Kaduna State), insisted that all the 15 members out of 16, actually approved the $350 million because of the enormous benefit the state would derived from the loan.

    Babawo noted that the Senate’s rejection of the loan was purely political, which would at the long run do the state no good.

    Speaking in an interview with reporters on behalf of the 15 other members yesterday in Kaduna, the lawmaker added that his colleagues supported the government’s plan to access the loan because they believe it would boost infrastructural growth.

    He described the Senate’s rejection of the loan as not only political but a reflection of the abuse of power by the three senators from the state, who the lawmaker said supposed to put the interest of the people above their personal interests.

    He said: “On a monthly basis, whenever Governor Nasir el-Rufai comes to Abuja, we always call for a meeting to discuss about this loan. Initially, the three senators do attend the meeting but the two stopped coming, leaving only Senator Suleiman Hunkuyi to attending. But later, he too decided not to come.

    “We as caucus of the House of Representatives, about 15 of us out of 16 have approved the loan because we were fully briefed by the governor. He told us why he is looking for the loan. He is so passionate on the issue of education. He told us how he would want to revive education.

    “He had renovated more than 480 primary schools. When they found out that it was not easy after renovating over 480 schools. And the renovation was a full one; with chairs, toilet, water and many facilities and he had invited development partners, including telecommunication giant, the MTN, to assist.

    “But you find out that it was not that easy for the government alone to renovate the over 800 primary schools in the state. That led the governor making proposal of $100 million to the World Bank. But the World Bank was impressed and asked that after the renovation of primary schools, what about the secondary schools, tertiary schools, the comatose industries and so on in the state.

    “On this basis, he then made another proposal to increase this loan to $350 million. The governor truly briefed us. It was that submission that the Minister of Finance saw and took it to her own governor (Ogun State) because of the enormous benefit to her state.

    “Her governor also applied for the same $350 million. It was the same Senate, condition and the same amount of money they approved but refused that of Kaduna State.

    “It is strictly political. It has nothing to do with development. The interest of those who were opposed to it was strictly for their own personal and selfish reason and not for the benefit of the people of this state.”

     

     

     

     

     

     

  • Better days ahead in Ogun as Senate approves $350M loan 

    Better days ahead in Ogun as Senate approves $350M loan 

    Ogun State governor, Senator Ibikunle Amosun, has assured stakeholders in the budget  implementation process of a robust and promising future following the  Senate’s approval of the long awaited  $350million World Bank loan.

    Amosun who dropped  this hint at the opening   ceremony of the treasury board meeting on 2018 budget held at the Obas’ Complex, Oke  Mosan Abeokuta said the approval of the loan would in no small measure assist in the implementation of year 2018 budget.

    He noted that  his administration would not only bequeath an enduring legacy to the next administration but ensure that generations unborn are proud of projects embarked upon in the future.

    “ Let me say that we must never rest on our oars. Much is expected of us, much is equally expected to be done as we are unwaveringly committed to laying a lasting legacy for the good people

    of Ogun State.

    I therefore charge stakeholders to cross fertilize  ideas towards attaining the optimal growth and continued development the good people of our dear state crave for, “ Amosun remarked.

    The governor tasked  Ministries, Departments and Agencies of government  to be more thorough in their  presentations and deliberations.

    Earlier in her welcome address, the Commissioner for Budget and Planning, Ms Adenrele Adesina, described the coming year budget as the last full year budget which was  a reflection of  the last six years’ budget and the  administration’s desire for the state in the future.

    While urging the budget implementers present to listen and ask questions, she urged them to ensure transparency and thorough deliberation in order to arrive at a budget that is fit for purpose.

  • $350m loan: ‘Why Ogun is attractive to global lenders’

    GOVERNOR Ibikunle Amosun administration in Ogun State, in the last six years, has recorded tremendous achievements in infrastructure and introduction of investor-friendly policies, it was learnt yesterday.

    Commissioner for Forestry Chief Kolawole Lawal addressed reporters in Abeokuta, the state capital, following comments condemning the government’s decision to obtain a $350 million from the World Bank.

    The commissioner said Ogun is the bride of international financial institutions willing to collaborate with the state’s economic transformation.

    Lawal described the concessionary loan as a grant targeted at supporting the government’s budget, saying foreign financial institutions in the class of World Bank would not grant a loan request from a state not economically viable.

    He said: “In all honesty, Ogun State has become the attractive bride to international financial institutions, especially the World Bank, due to the massive infrastructural development that it has undergone in the last six years.

    “An institution as the World Bank considers states that have demonstrated the ability to transform its economic landscape, attract reasonable foreign and local investment and put in place other economic development initiatives for the growth of such state for such loan request to be approved.”