The Oyo State Governor, Seyi Makinde, has sent a request to the Oyo State House of Assembly to access a loan of N150 billion to finance the ongoing Senator Rashidi Ladoja Circular Road in Ibadan and other infrastructure.
The governor made the request in a letter forwarded to the state legislature, which was read on Tuesday by the Speaker Adebo Ogundoyin.
The Governor said in the letter that the request became necessary to enable the state government to complete the 104km road project and others like it in Oyo State.
The House, while deliberating on the loan request directed its committees on Finance, Appropriation and State Economic Planning, as well as that of Works, to investigate the loan request and urged the two joint committees to come up with a comprehensive report on the loan request and the mode of payment.
The Speaker, in his submission, stressed the need for the committees to get all necessary briefs on the request and report to the House in one week.
He said: “Having N150,000 billion for Ibadan Circular Road and other infrastructure is a good idea but we have to consider the payback mechanism. I meant the payment procedure. We also want the two committees to get all necessary details about the proposed loan.
“We need a holistic report on the request, the economic impacts of the road and other infrastructure when completed, among other details,” Ogundoyin stated.
Emmanuel Ukoh
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