FG approves $242.2m IDA loans for Lagos

The Federal Executive Council on Wednesday approved a sovereign warranty for two separate loans totaling $242.2m (about N40bn) from the International Development Association for Lagos State

The Minister of Information, Mr. Labaran Maku; the Minister of the Federal Capital Territory, Senator Bala Muhammed and the Minister of Transport, Senator Idris Umar, briefed State House correspondents at the end of the meeting presided over by President Goodluck Jonathan.

Maku said while a loan of $200m was approved to support infrastructure in the state, additional loan of $42.2m would be in support of secondary education.