A statement issued by the bank in Abuja on Thursday said the $200m was to support reforms pertaining to fiscal sustainability, budget planning, budget execution and the investment climate in the state.
According to the bank, the loan is the first in a proposed series of two development policy operations and builds upon the policy reforms initiated under a previous World Bank supported programme.
Over the last decade, Lagos State has undertaken a wide range of reforms that have improved governance, reduced crime and helped to bring millions out of poverty, the bank said.
It added that the goal of the programme was to assist Lagos State in sustaining the strong momentum it had achieved in improving public services, facilitating inclusive growth and reducing poverty.
These include measures to monitor and manage financial risks more effectively, ensure adequate growth in revenues, get better value for money in public expenditures, and improve institutions and processes for land registration and development permits.
The World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, said, “Lagos State has sustained rapid growth and achieved what many would not have believed possible, and has managed to reduce its poverty headcount from 57 per cent in 2004 to 23 per cent in 2010....PUNCH
Fashola don hammer!
ReplyDeleteI hope that we will now stop paying at the toll gate. Plus they need to stop all these unnecessary tasking dem dem. Imagine, we pay for T.v and Radio to the government. That is the most ridiculous thing I have ever seen/done.!
It's a Loan!!!! Jeez
DeletePlease broaden your horizon,there is tv license which is compulsory for everyhousehold in uk.
DeleteWhat has TV license got to do with it or u feel like typing RUBBISH .....
DeleteTv license is for only those who own a TV and is a stupid tax put to fund the BBC instead of getting adverters money . So what is ur point again ?
Good...trust him
ReplyDeleteHmnnn! All these loans that Fashola is collecting on behalf of Lagos State is too much na! He surely is leaving his office with enough 'Igbese' for his successor. I hope his creditors will not confisticate Lagos one night when pple are sleepingooo!
ReplyDeleteAwwwwww, sooo proud of Lagos! Lagosians should separate from Nigeria. We are a different breed. The rest of the country folk are just tribalistic bigots! The lot of them! You are welcome to curse me out! Muaaaah!
ReplyDeleteBLOG ANALYSER: when will Lagos state government pay back all these loans. #shaking my head. Though he is working.
ReplyDeletePeople!!! Has Lagos state not collected more than this in taxes? Can the govt not afford $200m? What right thinking state govt collects a loan this large from WB??? The downfall of Lagos starts now cos when its payback time plus interest....
DeleteIt shows Lagos is working and Fashola is working. Reducing that level of poverty in such a short period is unprecedented. Keep it up BRF.
ReplyDeleteI hope this loan will be used well. Fashola is doing very well.
ReplyDeleteLagos is working, Fashola is working.
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