Home News Oyo Assembly Approves N10bn Loan for Makinde

Oyo Assembly Approves N10bn Loan for Makinde


By Richard Thomas, Ibadan


The Oyo State House of Assembly has approved the request of the executive arm to obtain 10 billion naira loan facility  to improve infrastructures in the State.

The infrastructural loan which will be obtained from First Bank Ltd, United Bank Africa (UBA) PLC and Unity Bank PLC, was approved by the State lawmakers during plenary on Tuesday.

Speaking on the urgent need for swift approval of the request, the Speaker of the Oyo State House of Assembly, Hon. Adebo Ogundoyin noted that the fund is needed for the Govenor Seyi Makinde’s led administration to be able to hit the ground running.

According to him, financial state of Oyo state made it obviously clear that to build good roads and other facilities needed as dividends of democracy for the people, an external source of fund was   needed.

According to him, they cannot keep complaining about the financial mess which we  have found ourselves, because governance is continual adding that they just have to take responsibility and move on.

“While we are working on improving our Internal Generated Revenue, through restoring of Oyo State owned industries, properties and also the investment bill which is in the pipeline, we have to look at other means where we can get needed resources to complete ongoing projects and improve our infrastructures.

“As lawmakers, we have taken many steps towards this request. We had several meetings with the ministry of finance, the concern banks and also financial consultants.

“These meetings were fruitful and we can say boldly that the consultations as proven that the loan request is for the good of the people of Oyo State.

“Then as the representative of the people, our next duty is to monitor the spending of the loan, its allocation to ministries and the projects intended to be executed with the fund.”

In his contribution, the Deputy Speaker, Hon. Abiodun Fadeyi lamented that the PDP led government met loads of debt running to 150billion naira, which he described as a serious financial constrain.

“Aside the debt on ground, PDP met loads of uncompleted road projects and other decaying infrastructures.

“We just have to make sure that the loan when obtained is equitably used by the executive on projects and infrastructures across the State for the development of the state in general and betterment of our people, “ he stated.

The House also commended Governor Seyi Makinde for taking steps to review cases of wrongly dismissed and laid-off public and civil servants from 2011 to date in a motion sponsored by the Majority Leader , Hon. Olusanjo Adedoyin who represents Ogbomoso South. Adedoyin described the sacking by the previous administration as unjustifiable and criminal in nature. He emphasized that the concerned workers needed to be apologised to and compensated if Nigeria is a saner clime.



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