The Oyo State House of Assembly has approved Governor Seyi Makinde’s request to access a N2 billion credit facility to facilitate the timely completion of some ongoing critical projects in the state.
The House gave its nod on Wednesday at its plenary.
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.
The governor had, in a letter forwarded to the House, requested the approval of the lawmakers to access the loan.
The Speaker, 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.
The lawmakers, in their unanimous approval of the request, said the development of critical infrastructure was pivotal to the socioeconomic growth of any society, noting that since the loan is meant for the development of infrastructure, they had no choice than to support the governor.
The lawmakers hailed Governor Makinde for his vision to develop all zones across Oyo State
PIAK
