By Abdullahi M. Gulloma
Abuja
The Federal Executive Council (FEC) yesterday approved a $200 million World Bank loan for Lagos state government to enable it complete some infrastructural projects.
Addressing State House correspondents after the meeting, Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola, said the loan was not entirely a new one as part of it had been collected during the immediate past administration.
He said the delay in approving the balance of the loan was due to political differences as Lagos state was controlled by a different political party other than that of the government at the centre that time.
He said the loan was approved in 2010 by the federal government with an initial moratorium of 10 years and a repayment period of 40 years.
According g to him, due to the branding of Nigeria as the largest economy in Africa at the moment, the terms and conditions of the loan had changed with a reduction of moratorium period to only five years, repayment period to 25 years and an imposition of 2.5 percent interest rate.
Meanwhile, there was mild drama earlier in the day before the commencement of the meeting when President Muhammadu Buhari surprised everyone by arriving at the Council Chambers of the State House at 9.51am for the meeting scheduled for 10.00am.
Vice President Yemi Osinbajo, Chief of Staff to the President. Alhaji Abba Kyari; National Security Adviser, Babagana Monguno and 19 of the 36 ministers were not at the Council Chamber when the President arrived for the meeting.
After a quick glance at the few ministers who had taken their seats, the President said: “I came too early.”
The President then asked for the recitation of the National Anthem and the meeting began immediately.
Osinbajo and others arrived about five minutes into the meeting and were said to be admitted through the tea room as the main door had been shut soon after the President’s arrival in conformity with protocol.