Oyo Assembly approves Makinde N6 billion loan request
The Oyo State House of Assembly approved the sum of a 6 billion naira loan for the administration of Governor Seyi Makinde.
Lawmakers on Tuesday approved the executive’s plan to borrow an additional 6 billion naira loan after giving the same consent to the governor to borrow 10 billion naira about a year ago.
The governor had explained to lawmakers in a letter written to the House that the loan would be used to carry out certain projects in the state.
The letter read: “The Governor in Council has met and approved that an additional N5 billion loan facility and the balance of the N 1 billion window of First Bank Nigeria Limited be made available to the government. of Oyo State.
âThe total amount will be used to finance existing projects in the state.
Speaker of the House of Assembly Adebo Ogundoyin said lawmakers would support the governor’s efforts to develop the state.
He said: âOur economy cannot grow if we do not have enough funds to develop the necessary infrastructure, and we have the assurance of the Executive Board that the burden of the loan will not be borne by the next administration because every effort will be made to repay them in the short term.
âIn view of the importance attached to the loan application, I implore us to support the efforts of Governor Seyi Makinde in favor of the development of the State.
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