Lagos Assembly Approved N7b loan bid

LAGOS State House of Assembly has approved the state government's request of N7 billion loan to address challenges of housing deficit in the state. 

    The Assembly at its'plenary yesterday, adopted recommendations of the House Committee on Economic Planning and Budget on 2013 Appropriation Law with housing budget reviewed upward from N10 billion to N17 billion. 

    The Commissioner for Economic Planning and Budget, Ben Akabueze had, in a letter read on the floor of the House a week ago, requested that the budget deficit be risen to the tune of N7 billion to address the problem of “considerable housing deficit” in the state.

    Akabueze had also noted that the proposed amendment would not lead to increase in the budget estimate but the increment will be sourced through loan to construct 600 units of houses.    

  Before the approval of the request, the lawmakers had debated the rationale for the loan and recommendations of the committee.