Oyo Assembly Approves Makinde’s N22.5bn Loan Request

The Oyo State House of Assembly on Tuesday approved the request of Governor Seyi Makinde to access N20 billion con­tractor financing loan fa­cility from First Bank of Nigeria Plc.

The House also ap­proved another request of the governor to access N2.5 billion CBN credit support intervention fund for the health sector.

Makinde had sought the approval of the state Assembly in two separate letters he forwarded to it.

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The letters were read by the Speaker of the As­sembly, Adebo Ogundoyin, during Tuesday’s plenary.

The Speaker said the House approved the re­quests in view of the importance the adminis­tration attached to infra­structure development, especially the construc­tion and rehabilitation of roads and other social amenities.

Ogundoyin added that the loans would also en­able the Makinde adminis­tration to upgrade health facilities in order to com­bat Coronavirus and other health challenges.

The Governor in the request noted that the N20billion loan facility became imperative in view of the dwindling revenue accruable to the state from the Federation Account and the drop in Internally Generated Rev­enue due to Covid-19 glob­al pandemic.

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According to the re­quest, if accessed the money would be used to fund and support priority projects to boost economic activities in the state

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