Oyo Assembly okays Makinde’s N10bn loan request

The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access an N10 billion loan facility.

The facility which is to be secured from Fidelity Bank is repayable for 30 months.

The approval was sequel to a letter of request sent to the Oyo State House of Assembly by Governor Seyi Makinde.

The letter read by the Speaker, Honourable Adebo Ogundoyin, on Tuesday, indicated that the State counterpart funding was required to facilitate the release of donor funds to Oyo State.

ALSO READ: Makinde commended over appointment of Falana as youth development agency boss

The facility is to provide counterpart funding for World Bank-assisted projects/UBEC-SUBEB matching grants.

Makinde had in the letter argued that World Bank-assisted Projects would complement the drive by the Oyo State Government to improve the welfare of the citizens of the state.

In their deliberations, some of the lawmakers who spoke on the request expressed concern about the state of the economy across the country which has made life virtually unbearable for citizens.

They therefore appealed to the Oyo governor to continue to give priority to projects and programs that will enhance the living standards of the people.