The Oyo State House of Assembly, on Tuesday, approved an additional N6billion credit facility for the Governor Seyi Makinde administration.
Recall that the state lawmakers had, in July 2019, approved N10billion loan for the administration.
The approval, on Tuesday, was sequel to a letter sent to the lawmakers by the governor.
It was indicated in the letter that the loan would be used for the execution of projects in the state.
“The Governor-in-council met and approved that an additional N5billion loan facility and the balance of N1billion window of the First Bank Nigeria Limited be made available to the Oyo State Government.
“The total sum will be used to finance existing projects in the state.”
The Speaker of the state House of Assembly, Adebo Ogundoyin, said that the lawmakers would monitor spendings by the executive.
He said, “Our economy cannot develop if we do not have enough funds to develop necessary infrastructures. We have the assurances of the Executive Council that the burden of the loan will not be borne by the next administration as all efforts would be made to pay back in short terms.
“In view of the importance attached to the loan request, I implore us to support the efforts of Governor Seyi Makinde towards developing the state.”
