Oyo Assembly Approves Makinde’s N10bn Loan Facility

Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access a N10 billion loan facility to provide counterpart funding for World Bank Assisted projects/UBEC-SUBEB matching grant.

The approval was sequel to a letter of request sent to the assembly by Governor Makinde.

The letter read by the Speaker, Adebo Ogundoyin on Tuesday indicated that the state counterpart funding was required to facilitate the release of donor funds to Oyo State.

According to the letter, World Bank assisted projects are meant to complement the drive by the Oyo State Government to improve the welfare of the citizens of the State.

The facility which is to be secured from Fidelity Bank is repayable for a period of 30 months.

In their deliberations, some of the lawmakers who spoke on the request expressed concern about the state of the economy across the country which had made life virtually unbearable for citizens.

They, therefore, appealed to Makinde to continue to give priority to projects and programs that will enhance the living standards of the people.