Oyo Assembly approves Makinde’s N6bn loan request

The Oyo State House of Assembly has approved the sum of N6bn loan for the administration of Governor Seyi Makinde.

The lawmakers on Tuesday gave their approval to the plan of the executive to borrow an additional loan of N6bn after they gave similar consent to the governor to borrow N10bn about one year ago.

The governor had explained to the legislators in a letter written to the House that the loan would be used to execute some projects in the state.

The letter had read, “The Governor-in-council met and approved that an additional N5bn loan facility and the balance of N1bn window both of the First Bank Nigeria Limited be made available to the Oyo State Government.

“The total sum will be used to finance the existing projects in the state.”

The Speaker of the House of Assembly,  Adebo Ogundoyin, said the lawmakers would support the governor’s efforts to develop 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 borne 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.”