The Ogun State government has explained that the budget
support facility from the World Bank is concessionary.
It debunked reports in a segment of the media, suggesting
that the House of Representatives rejected the request of the state government,
for the concessionary facility from the Word Bank, when it met the officials of
states seeking foreign loan approvals at the National Assembly in Abuja, last
Wednesday.
Speaking at a press conference in Abeokuta yesterday, the
State Commissioner for Budget and Planning, Ms. Denrele Adesina, said the
meeting with the House of Representatives Committee was preliminary.
According to her, "contrary to speculations in the
media, the approval process for the budget support facility is ongoing, as the
state government officials only had a preliminary meeting with the House
Committee on Loans, Aids and Debt Management."
She explained that the budget support facility was at a rock
bottom interest of two percent with a five-year moratorium and redeemable for
25 years.
"The World Bank Budget support is for states that have
demonstrated ability for proven results. The leap of Ogun State from 35th
position in 2010 to one of the best five in 2014 in terms of Ease of Doing
Business, transparency, growth in IGR, among others, has impressed the global
institution, and is ever willing to partner with our government.
"The World Bank is concerned about the welfare of the
people of Ogun State. It is interested in capacity building, through education,
development of agriculture, improved health care delivery.
"The Amosun administration has met the benchmarks on
these. The World Bank looks forward to partnering with such states to achieve
its global objectives of development," she submitted.
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