The Senate at plenary on Thursday approved 350 million dollars World Bank loan for Ogun State Development Policy Operation (DPO) as contained in the 2016-2018 Rolling Plan.
The approval followed the presentation of a report on the loan by Chairman, Senate Committee on Local and Foreign Debts, Shehu Sani.
Presenting the report, Sani said that the committee observed that the Ogun State DPO budget for the loan had been approved by World Bank in 2016. He added that the loan was further captured in the 2016-2018 borrowing plan as approved by the National Assembly.
Sani noted that the committee also observed that the credit facility had an attractive low financing rate of 125 per cent interest, moratorium of five years and a five-year maturity term.
He said the facility has already been captured in the 2016-2018 Medium Term Expenditure Framework.