Makinde seeks Oyo Assembly approval for N150bn loan - NEWS FRONTIER DAILY


Tuesday, January 16, 2024

Makinde seeks Oyo Assembly approval for N150bn loan

Oyo State governor, 'Seyi Makinde has sought the approval of the state's House of Assembly to assess a loan in the total sum of 150 billion from Afrexim and Access financial institution. 

The loan, according to the governor, was to accelerate the completion of the ongoing Rashidi Ladoja Circular road and to improve on critical infrastructure that would aid reduction of traffic gridlock within the Ibadan metropolis. 

The Speaker, Adebo Ogundoyin made this known, while reading out message from the governor, during the plenary  of the state assembly following its resumption from the last recess. 

Similarly, the governor also sought the approval of the state legislature for the approval of Abdul-Raheem Abdul Rahman as Chairman, Oyo State Education Trust Fund (OETF) and Nureni Adeniran as Chairmen, Oyo State Universal Basic Education Board. 

In his remarks, the speaker noted that even though it was important to support the state government in its drive to improve on current state of road projects and infrastructure in the state, the House needed to be furnished with details of loan repayment plan and other necessary information that would aid legislative considerations. 

He directed the committees on Finance, Appropriation and State Economic Planning as well as that of Works to investigate the loan request.

The speaker in his submission, stressed the need for the committees to get all necessary briefs on the request and report to the House in one week.

"Having one N150,000 billion for Rashidi Ladoja Circular Road and other infrastructure is a good idea but we have to consider the payback mechanism. I mean the payment procedure."

"We also want the two committees to get all necessary details about the proposed loan. We need a holistic report on the request, the economic impacts of the road and other infrastructure when completed among other details," Ogundoyin said.

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