Rich Lagos? FG doles out N50bn loan to 35 states excluding Lagos

The Federal Government has begun the disbursement of the first tranche of the N90bn conditional loan facility to some of the 35 states that have so far applied for a second round of loan funding.

According to reports gathered by Ekocity Magazine, the Minister of Finance, Mrs Kemi Adeosun, had on June 14, while announcing the N90bn conditional loan facility to states, said the funds had been secured from the private sector to state governments through the issuance of bonds in the bond market.

She had during a meeting with commissioners of finance from the 36 states of the federation said the loan would be given within a one year period.

The ministry of finance has commenced the disbursement from the first tranche of N50bn to some of the 35 states that applied with the second tranche of 40bn to follow suit soon.

It was however gathered that Lagos State opted out from accessing the loan and as such did not send in any application.

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