Makinde gets go-ahead to borrow N10bn

The Oyo House of Assembly, on Tuesday, hit the gavel in favour of Governor Seyi Makinde’s request to borrow N10 billion.

Makinde’s request to obtain a loan facility of N10billion for infrastructure was contained in a letter to the state Assembly dated 15th July 2019, read out by Clerk of the Assembly, Ms Felicia Oyediran at Tuesday’s plenary.

As contained in the letter, the loan facility will be provided by First Bank, United Bank and Africa and Unity bank.

The Assembly hinged its approval of the request on the convictions drawn from the officials of the state Ministry of finance, banks and financial consultants that the loan was strictly tied to embarking on infrastructural development projects.

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Noting that little was left in the coffers of the state after salary is paid, the lawmakers, in their various contributions, said approval of the loan will enable the Makinde administration fast track the socio-economic development of the state.

Approving the request, Speaker of the Assembly, Honourable Adebo Ogundoyin noted that the state needed to explore various sources of funding and boost the state’s Internally Generated Revenue aside relying on federal allocation if the current government was to deliver on its promises to the people.

He, therefore, avowed the resolve of the state Assembly to monitor and ensure that the loan is utilized as approved.

“We cannot keep complaining about the financial mess we have found ourselves. Governance is continual and we just have to take responsibility and move on.

“While we are working on improving our Internally Generated Revenue through restoring the Oyo state-owned industries, properties, we have to look at other means where we can get needed resources to complete ongoing projects and improve our infrastructure,” Ogundoyin said.