The  Lagos State House of Assembly has approved the #18bn loan request from the Governor of Lagos State, Governor Babajide Sanwo-Olu, to help complete the regional road and Lekki-Epe Expressway project. 

House of Assembly signs Sanwo-Olu’s request.

The House of Assembly granted the approval for the sum of ₦3,750,000,000.00 for the regional road project and the sum of ₦15,000,000,000.00 for the Lekki-Epe Expressway project, totaling to the sum of ₦18,750,000,000.00. Going further, the Chairman, House Committee on Finance, Rotimi Olowo, stated that the interest rate is 5% in the first two years and 9% in the following years, giving it a two-year prohibition.

Hon. Setonji David noted that the loan is a single digit with a repayment period of 30 years under which the project will drive sustainable economic growth and development in the State. The Lawmakers also supported the request, complimenting the State Government proactiveness, stating that it will bring enormous infrastructural benefits to Lagos State.

The Speaker, Rt Hon. Madashiru Obasa administer to the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the approval to the Governor.