The Oyo State House of Assembly on Tuesday granted the request of Governor Seyi Makinde to access a loan of 50 billion naira revolving overdraft for the development of recurrent and capital expenditures in the State.
Governor Makinde had earlier sent a request letter to the Oyo State House of Assembly, governor’s letter was read at the plenary by the Speaker, Hon Adebo Ogundoyin.
The lawmakers however acknowledged the various projects being embarked upon by the State Government across the State and concluded such a facility was inevitable to enable the State Government to meet up with its financial obligations, especially in terms of its recurrent and capital expenditures.
Makinde’s letter read, “The request is part of the efforts of the present administration towards financing its recurrent expenditure which includes salary and conventions, capital expenditure and support/finance various contractual obligations.“
Meanwhile, The facility is for 45 months at a concessionary rate of 25.1% per annum. This is subject to review in line with the prevailing money market conditions.
