Ogun seeks $350m loan

The Ogun state government has concluded plans to obtain $350m loan from the World Bank.

Ibikunle Amosun, governor of the state, disclosed this when he received a delegation of the bank in Abeokuta, the state capital, on Friday.

The loan, according to Amosun, would help create a system-driven environment for business, needed for better welfare of citizens and good governance.

He said his administration would do everything possible to secure the loan, saying the incoming administration already had the support needed to enhance good governance.

He urged the bank’s team to fast-track the process for its final approval.

Kofi Nouve, leader of the delegation, said the loan would help the state government put in place necessary reforms and critical social investments that would help uplift the welfare of the populace.

“The team has got the final approval to proceed with the final design mission,” Nouve said.

Amosun will hand over to Dapo Abiodun, the governor-elect, on May 29. TheCable understands that the first tranche of the loan would be paid to the incoming administration.

The money is meant to be utilised by the government of Abiodun, not Amosun.

Editor’s note: This story has been corrected over an error of fact