GOV. MAKINDE REQUESTS APPROVAL OF N150 BILLION LOAN FROM OYO ASSEMBLY

Babatunji Wusu –

The governor of Oyo State, Seyi Makinde, has asked the State House of Assembly for permission to approach banking firms Afrexim and Access for a N150 billion loan.

With 20 of the anticipated 32 MPs present for the Assembly’s first plenary in 2024, the Governor’s request was discussed.

Governor Makinde reportedly stated that the loan would be used to relieve traffic in the Ibadan metropolis and speed the completion of the ongoing Rashidi Ladoja circular road.

During the plenary, Speaker Adebo Ogundoyin delivered the governor’s address.

It is imperative to provide assistance to the state government in its endeavors to improve the state’s general infrastructure and road conditions.

“The House needs to be furnished with details of the loan repayment plan and other necessary information that will aid legislative considerations.
“The Chairman of House Committee on Works and that of Appropriation should deliberate on the implications of the loan, find out the current state of the state’s debt profile and the pay-back mechanism of debts already acquired.

“How long will the project take, brief on the road, and how many sections of the road will the loan take care of?

“Find out if the road project will add to the state’s internally-generated revenue (IGR) and how long the project will take and the benefits of the road construction to the people of the state,” the speaker directed.

Ogundoyin said that the House’s deliberations on the loan will benefit from these questions.

In addition, the governor asked the state legislature to confirm Abdul-Raheem Abdul Rahman’s appointment to the position of Chairman of the Oyo State Education Trust Fund (OETF).
In addition, he asked for Nureni Adeniran’s confirmation to serve as the Oyo State Universal Basic Education Board Chairman. The speaker gave the two nominees instructions to appear before the appropriate House committees for review.