Governor Seyi Makinde’s government has been granted an additional six billion naira credit facility by the Oyo State House of Assembly.
The Assembly had previously approved the Governor’s loan requests to borrow money from various financial institutions.
According to our source, the legislature approved a ten billion naira loan for the administration in July 2019.
On Tuesday, lawmakers approved a six-billion-naira credit facility for the government.
According to our source, the approval comes as a result of the Governor’s letter to the legislators.
In the letter, Makinde stated that the loan would be used to complete projects in the state.
He went on to say that the money would go toward existing projects in the state.
“The Governor-in-Council met and approved the Oyo State government receiving an additional 5 billion naira loan facility and the balance of a 1 billion naira window from First Bank Nigeria Ltd.
“The total amount will be used to fund existing State projects.”
In response, Speaker of the House Adebo Ogundoyin stated that the Assembly will continue to monitor the Executive Council’s spending and expenses.
During the plenary on Tuesday, Ogundoyin stated that the lawmakers would ensure that the loans approved are used wisely.
“Our economy cannot develop unless we have enough funds to develop necessary infrastructures,” he said. “We have assurances from the Executive Council that the burden of the loan will not be bore by the next administration, as all efforts will be made to pay it back in a timely manner.”
“Given the significance of the loan request, I implore us to assist Governor Seyi Makinde in his efforts to develop the state.”