The Oyo State House of Assembly has approved an additional sum of six billion naira credit facility for Governor Seyi Makinde’s government.
The Assembly had earlier approved some loan requests of the Governor to borrow some money in some financial institutions.
The lawmakers had in July 2019 approved a sum of ten billion naira loan for the administration.
The lawmakers on Tuesday, August 17, 2021, also approved another six billion naira credit facility for the government.
The approval is sequel to a letter sent to the lawmakers by the Governor.
Makinde in the letter said the loan would be deployed to the execution of projects in the state.
He added that the money would be used to fund existing projects in the state.
“The Governor-in-council met and approved that an additional 5 billion 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.”
But, Speaker of the house, Adebo Ogundoyin in his reaction, said that the Assembly will continue to monitor the spending and expenses of the Executive Council.
Ogundoyin who spoke during the plenary on Tuesday added that the lawmakers would ensure the loans being approved are judiciously used.
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.”
