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Oyo Assembly Okays N18.7b FG Loan Facility Request

The Oyo State House of Assembly has given a go-ahead to Governor Seyi Makinde to access N18.7bn Federal Government Loan Facility meant to cushion the effect of Covid-19 pandemic in the State.

The request was made known in a letter forwarded to the House of Assembly by Governor Seyi Makinde and read during Monday’s plenary by the Speaker, Hon Adebo Ogundoyin.

The Speaker, Hon Adebo Ogundoyin lauded the Federal Government for giving the financial support to the State Governments considering the scale of projects lined up in the various States.

Hon Ogundoyin assured that the House through its Committee on Public Account and Appropriation will perform its oversight function by monitoring the accessing and the spending of the loan in order to ensure that it is used to enhance the infrastructural development of the State

The N18.7bn which will be disbursed in six tranches (6months instalment) of N3.1bn each is expected to be repaid monthly for 30years (360 months).

President Muhammadu Buhari approved the bridge facility for all the 36 states of the Federation and it will be accessed from the Central Bank of Nigeria, CBN

The lawmakers in their separate comments on the request,  agreed that such loan facility from the federal government was necessary and timely as many States recorded huge loss during the pandemic.

 According to Hon Akeem Adedibu (Chief Whip), Hon Babajide Gabriel (Ib. North 2), Hon Bamidele Adeola (Iseyin/Itesiwaju) and Hon Ayo Fatokun (Akinyele 1), since all the States are to access the loan facility, Oyo State should not be left out adding that the State Government should expend the loan on developmental projects across all the senatorial districts in the State.

In his reaction, the Minority Leader, Hon Asimiyu Alarape also suggested that the loan facility be used to develop key sectors in the state.

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