A fresh N6 billion loan has been approved by the Governor-in-council in Oyo State to be channeled towards the financing of “existing projects”.
The loan approved on Tuesday would aid the development of state infrastructure and, according to the Speaker of the Assembly, Adebo Ogundoyin, the loan will not be borne by the next administration.
“The Governor-in-council met and approved that an additional 5billion naira loan facility and the balance of 1billion naira window both of the First Bank Nigeria Ltd. be made available to the Oyo State government,” stated the request letter.
READ ALSO: South African Bank, Absa, Halts Expansion Plans Into Nigeria
It added, “The total sum will be used to finance the existing projects in the State.”
Ogundoyin noted that the state’s “economy cannot develop if we do not have enough funds to develop necessary infrastructures, and we have the assurances of the executive council that the burden of the loan will not be bored by the next administration as all efforts will be made to pay them 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.”
