Oyo Assembly Approves Governor’s Request To Access N50bn Revolving Overdraft

The Oyo State House of Assembly has granted the request of Governor Seyi Makinde to access N50billion revolving overdraft for the development of recurrent and capital expenditures in the state.

The approval was sequel to a request letter sent to the lawmakers by the governor and read by the Speaker, Adebo Ogundoyin, during Tuesday plenary.

Governor Makinde, in the letter, said: “The request is part of the efforts of the present administration towards financing its recurrent expenditure which includes salary and conventions, capital expenditure and support/finance various contractual obligations.”

The facility is for a period of 45 months at a concessionary rate of 25.1 percent per annum and subject to review in line with the prevailing money market conditions.

Projects

While deliberating on the request, the lawmakers in their separate remarks, acknowledged the various projects being embarked upon by the state government across the state.

The lawmakers noted that such a facility was inevitable to enable the state government to meet up with its financial obligations, especially in terms of its recurrent and capital expenditure.

Lateefah Ibrahim