Oyo State House of Assembly on Tuesday approved Governor Seyi Makinde’s request for N6 billion loan to bridge the infrastructural deficit in the state.
The governor had in a letter sent to the House said the loan request was to ensure seamless execution of contracts awarded by the state government.
The Speaker of the House, Adebo Ogundoyin, said at the plenary the governor-in-council met and approved that the N6 billion credit facility from First Bank be made available to the state government.
He said: “The total sum will be used to finance the existing projects in the state.”
The speaker stressed that the Assembly would ensure that the loan was used for the completion of ongoing projects in the state.
Ogundoyin added: “Our economy cannot develop if we do not have enough funds to develop necessary infrastructure.
“We have the assurances of the executive arm of government that the burden of the loan will not be borne by the next administration as all efforts will be made for repayment on short terms.
“In view of the importance attached to the loan request, I implore us to support the efforts of Governor Makinde’s efforts at developing the state.”
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