The Ogun State House of Assembly has approved Governor Ibikunle Amosun’s request to obtain N14.16bn from the Federal Government Budget Support Facility to the states of the Federation.
The facility is meant to provide financial support to the states with a view to positioning them to navigate the present economic challenges and meet the obligations of paying staff, pensioners and other stakeholders.
The approval followed a motion moved by the Majority Leader, Mafe Adeyinka and seconded by a member representing Yewa North II State Constituency, Rasaq Oduntan.
The motion was then supported by the whole house.
Opening debate on the motion, the majority leader said that the facility, which was for a ten-year tenor with a single digit interest rate, would reduce the financial burden of the state and create avenue for the government to expend the Internally Generated Revenue of the State on capital projects.
In their contributions during the debate, other members, including the Deputy Speaker, Olakunle Oluomo, Ganiyu Oyedeji, Adebiyi Adeleye, Jemili Akingbade and Tunde Sanusi supported the motion.
The legislators lauded the Federal Government for thinking ahead of time in finding solution to the current economic recession in the nation.
They decried the havoc wreaked by the Niger Delta Avengers on the nation’s economy which they argued had depleted the revenue accruable from the sales of crude oil.
Other Honourables members like Idowu Olowofuja, Oludare Kadiri, Yetunde Adekanbi-Sogbein, Akanbi Bankole, Olayiwola Ojodu and Olusola Sonuga said the facility would help to stimulate economic growth.
They explained that the nation needed to borrow to run the economy during recession.
Passing the motion into resolution through a voice vote, the Speaker, Suraj Ishola Adekunbi lauded the contributions of his colleagues to the debate, saying that the facility would be of great benefit to the state.
Adekunbi also said that it would serve as a means out of the current economic challenges.