Oyo Assembly approves Makinde N6 billion loan request
Oyo The State House of Assembly yesterday approved a 6 billion naira credit facility for the administration headed by Governor Seyi Makinde to close the infrastructure gap and improve development even across the country. ‘State.
A letter sent to lawmakers by the executive said the loan request was aimed at ensuring transparent execution of the contracts it had awarded.
President Adebo Ogundoyin said the Governor in Council has met and approved that an additional N5 billion naira loan facility and the naira 1 billion counter balance, both of First Bank Nigeria Plc, be made available to the state government.
âThe total amount will be used to finance existing projects in the state,â he said.
Ogundoyin said the assembly will continue to monitor executive branch spending to ensure approved loans are strictly used for state development and the completion of ongoing projects.
âOur economy cannot grow if we don’t have enough funds to develop the necessary infrastructure.
âWe have the assurance of the Executive Board that the burden of the loan will not be borne by the next administration, as every effort will be made to repay them in the short term.
“In view of the importance attached to the request for a loan, I implore us to support the efforts of Governor Makinde in favor of the development of the State”, he declared.