The Oyo State House of Assembly, on Wednesday, gave Governor Seyi Makinde the nod to take N2 billion loan.
The credit facility is being offered by Fidelity Bank Plc at a concessionary interest rate of 20.5 percent per annum, repayable over a period of 36 months.
The governor had in the request letter read at Wednesday’s plenary said the loan will enable his administration timely complete some ongoing critical infrastructure projects in the State.
The Speaker of the Assembly, Honourable Adebo Ogundoyin, who read the letter, quoted the governor as saying that the loan would be repaid from the Internally Generated Revenue (IGR) account of the State domiciled with Fidelity Bank Plc.
The lawmakers approved the loan request, arguing that development of critical infrastructure was pivotal to the socioeconomic growth of any society.
They said since the loan was meant for the development of infrastructure, they had no choice than to unanimously approve the request.
The lawmakers added that they were glad to approve the loan request since it touched on infrastructure projects spread across virtually all zones of the State.
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