The Federal Executive Council (FEC) meeting on Wednesday approved $200 million World Bank loan for Lagos State.
This was disclosed by the Minister of Information, Lai Mohammed and his Power, Works and Housing counterpart, Babatunde Fashola. The $200 million according to them, was part of a $600 million loan granted by World Bank for roads and other infrastructural development projects in the state.
While the first batch of $200 million was approved in 2010, subsequent batches were reportedly delayed by the last administration for political reasons. Fashola, who initiated the loan as governor of the state, noted that the $200 million loan was a segment of a total sum of $600 million loan for developmental initiatives in Lagos which was approved in 2010.