On Tuesday, the Oyo State House of Assembly approved Governor Seyi Makinde’s request for the state to access an N50 billion loan facility.
Makinde’s request letter read by Makinde read on the floor of Tuesday’s plenary detailed that the overdraft was sought to enable the state to finance both recurrent and capital expenditures.
As contained in the letter, the loan facility would be used to finance recurrent expenditures, including salary payment, subvention, and attending to various contractual obligations.
The N50 billion loan facility is to be accessed at a concessionary rate of 21.5 percent per annum and repaid for 45 months at a management fee of 0.25 percent.
Approving the overdraft, lawmakers said the N50 billion will enable the state government to finance ongoing road infrastructure projects across the state and take care of recurrent expenditure.
Also read at Tuesday’s plenary was the governor’s letter nominating Miss Adegoke Wasilat and Dr Oluwaserimi Ajetunmobi as commissioner designates.
Speaker of the Assembly, Honourable Adebo Ogundoyin, asked the two nominees to submit 50 copies of credentials to the Clerk of the Assembly before the end of Tuesday, with speculations rife that the nominees may be screened on Wednesday.
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