Nigeria Senate on Thursday approves $350million loan for Ogun State. Ogun State government had some months sought the approval of the loans through the Federal government.
“Firstly, the loan attracts just two per cent interest as against the 22 percent obtainable in the normal financial market.
“The loan is also payable over a period of 25 years with a five -year moratorium which means that we have about 30 years to pay it.
“It will be foolhardy for any government to reject such an attractive offer,” Ogun State government announced.
When the senators were debating the loans, No Senator from Ogun State was in Chamber during the approval.
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