The Senate at plenary on Thursday approved $350m World Bank loan for Ogun State Development Policy Operation, 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, Senator Shehu Sani.
Presenting the report, Sani said the committee observed that the Ogun State DPO’s budget for the loan had been approved by the 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.