The Ogun State government has reacted to the news that its proposal for a 350 million dollar loan from the World Bank has been rejected by the House of Representatives Committee on Loans, Aids and Debt Management.
The government says it knows that approval of a foreign loan proposal usually follows a process, adding that it is following the process in order to access the loan.
And according to the Commissioner for Budget and Planning, Adenrele Adesina, the World Bank is interested in states that have demonstrated capability for repayments and track records of ease of doing business.
She added that the loan has five years moratorium and 2% interest rate with repayment for 25 years.
