The Oyo State House of Assembly has approved additional N6billion credit facility for Governor Seyi Makinde, to ensure bridging of infrastructure deficit and achieving even development across the state,
The approval follows a request letter sent to the lawmakers by the Governor, which was presented before the lawmakers on Tuesday.
The figure is made up of an additional N5b loan facility and the balance of N1b window, both of the First Bank Nigeria Ltd.
In the letter sent to the lawmakers, Governor Makinde noted that ”the N6billion loan request, in favour of Oyo State Government contractors, is to ensure a seamless execution of contracts awarded by the state government in bridging infrastructural deficit in the state.”
The letter reads: “The Governor-in-Council met and approved that an additional N5billion loan facility and the balance of N1billion 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.”
While speaking, the Speaker of the House, Adebo Ogundoyin, noted 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 are judiciously used on developing and completing ongoing infrastructural projects in the state.
Ogundoyin stated: “Our economy cannot develop if we do not have enough funds to develop necessary infrastructure, 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.
Also the Majority leader, Sanjo Adedoyin, representing Ogbomoso North State Constituency said it was important to expand the state’s economy, a task which would be difficult if enough infrastructure are not on the ground to attract and drive development.
While moving a motion for the approval, Adedoyin said, “If we cannot afford to abandon all ongoing lofty developmental projects, then we need fund to complete them.”
Also at Tuesday plenary, the House announced plans to screen the State Audit Commission Chairman nominee, Mr David Okediji, on Thursday.
The Chairman designate is to man the newly established Oyo State Audit Service Commission following the recent passage of the Audit Commission Bill, 2021 by the State Assembly.
The announcement also follows a request sent to the House by Governor Makinde.
The Oyo State Audit Service Commission is established as part of the efforts of the state government to enhance transparency in government spendings and expenses.
Mercy Chukwudiebere
