Oyo Assembly approves Makinde’s N10bn Loan Request

By Funmilayo Ojo

The Oyo State House of Assembly has granted Governor Seyi Makinde’s request to access a N10 billion loan to serve as counterpart funding for World Bank-assisted projects in the state.



During Tuesday’s plenary session, Speaker Adebo Ogundoyin read out Makinde’s request letter, detailing the need for counterpart funding to facilitate the disbursement of donor funds to Oyo State.

The letter emphasized that the World Bank-assisted projects aim to complement the state government’s efforts to enhance the welfare of its citizens.

The loan, which will be sourced from Fidelity Bank, is set to be repaid over a 30-month period.

During deliberations, lawmakers expressed concerns about the challenging economic situation nationwide, noting its adverse effects on the populace’s well-being.

They urged Makinde to prioritize projects and initiatives aimed at uplifting the living standards of Oyo State residents.

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