Loan: Oyo Assembly Approves N2bn For Makinde

The Oyo State House of Assembly on Wednesday approved another credit facility to the state governor, Seyi Makinde.

The loan which was approved during plenary is to the tune of N2 billion.

The loan, which is being offered by Fidelity Bank PLC at a concessionary interest rate of 20.5% per annum, is repayable for a period of 36 months.

Makinde had, in a letter forwarded to the House, requested the approval of the lawmakers to access the loan.

The Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, who read the letter, quoted the governor as saying that the loan would be repaid from the internally generated revenue account of the state domiciled with Fidelity Bank Plc.

Lawmakers who were present at the plenary, in their unanimous approval of the request, said the development of critical infrastructure was pivotal to the socioeconomic growth of any society.

They said that since the loan was meant for the development of infrastructure, they had no choice but to support the governor.

The lawmakers had in April this year approved the request of Governor Makinde to borrow N50 billion.

In July 2019, the Assembly endorsed the request by the Governor to take a N10 billion infrastructure loan.

In October 2019, the lawmakers also approved the request of the governor to access a N7 billion Central Bank of Nigeria (CBN) loan to boost farm settlements in Akufo in Idoocal government area and Eruwa in Ibarapa East local government area of the state.

In August 2021, the lawmakers approved another N6 billion credit facility for the governor.

In October 2021, they also approved the request of the state governor to access the N18.7 billion Federal Government Bridge Loan facility.

The lawmakers approved an additional loan request of N2 billion for the governor in June 2022.