The Oyo State House of Assembly, on Monday, approved the request of the state government to access a N18,746,059,992.57 loan facility.
The approval followed a request letter signed by Governor Seyi Makinde that was read at plenary held on Monday evening.
According to the letter, the state desires to access the bridge facility of the Federal Government to the Central Bank to cushion the effect of the COVID-19 pandemic on states.
Nigerian Tribune found out that the loan is to be disbursed in six tranches with a tenor of 30 years at a nine per cent per annum interest rate with two years moratorium.
The loan which has an irrevocable standing payment order is expected to be repaid monthly over the 360 months period.
Commenting on the loan request, Minority leader, Honourable Asimiyu Alarape, though supported accessing the loan facility, however, urged the state government to be wary of mortgaging the future of the state through taking too many loans.
Alarape urged the state government to ensure that the fund accessed is used to develop key sectors of the state.
A cross section of lawmakers, in their comments, urged the state government to ensure that projects that the fund will be used for should be cut across all senatorial districts of the state.
While approving the loan, Speaker of the Assembly, Honourable Adebo Ogundoyin urged the House Committee on Public Accounts and Appropriation to monitor how the loan is to be utilised.
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