The Oyo State House of Assembly on Tuesday, has given express approval of fresh N6billion loan request by Governor Seyi Makinde.
The latest loan, according to the request letter to the legislative arm, is to ensure seamless execution of contracts awarded by the state government in bridging infrastructural deficit in the state.
The request letter read in parts: “The Governor-in-council met and approved that an additional 5billion naira loan facility and the balance of 1billion naira window both of the First Bank Nigeria Ltd. be made available to the Oyo State government.”
“The total sum will be used to finance the existing projects in the State.”
In his words, the Speaker of the Assembly, Mr. Adebo Ogundoyin said that the 9th Oyo State House of Assembly would continue to monitor the spending and expenses of the executive council and ensure the loans being approved will be judiciously used on developing and completing ongoing infrastructural projects in the state.
He said: “Our economy cannot develop if we do not have enough funds to develop necessary infrastructures, and we have the assurances of the executive council that the burden of the loan will not be bored by the next administration as all efforts will be made to pay them back in short terms.”
“In view of the importance attached to the loan request, I implore us to support the efforts of Governor Seyi Makinde towards developing the State,” he added.
in his remark, the assembly’s Majority Leader, Mr. Sanjo Adedoyin, while moving a motion for approval of the loan request, noted that it is important to expand the state’s economy which would be difficult if there are no enough infrastructures on ground to attract and drive development.
“If we cannot afford to abandon all ongoing lofty developmental projects, then we need funds to complete them,” he emphasized.