The Oyo State House of Assembly has approved an additional N6billion credit facility for Governor Seyi Makinde.
The approval follows a request letter to the lawmakers by the Governor on Tuesday.
The figure is made up of an additional N5billion loan facility and the balance of N1billion window both of the First Bank Nigeria Ltd.
In the letter sent to the lawmakers, Governor Makinde noted that the N6billion loan request in favour of Oyo State Government contractors is to ensure the seamless execution of contracts awarded by the State Government in bridging infrastructural deficit.
The letter reads: “The Governor-in-council met and approved that an additional N5billion loan facility and the balance of N1billion window both of the First Bank Nigeria Ltd. be made available to the Oyo State government.
“The total sum will be used to finance the existing projects in the State.”
Speaker Adebo Ogundoyin said the Assembly will continue to monitor the spending and expenses of the Executive Council and ensure the loans approved will be judiciously used on developing and completing ongoing infrastructural projects in the State.
Majority Leader, Hon Sanjo Adedoyin representing Ogbomoso North State constituency, said it was important to expand the economy which will be difficult if there are no enough infrastructures on the ground to attract and drive development.
While moving a motion for the approval, he said: “If we cannot afford to abandon all ongoing lofty developmental projects, then we need funds to complete them.”
