10 billion loan Approved: Oyo State Set to Transform Education, Healthcare, and Infrastructure

The Oyo State House of Assembly has approved a request by Governor Seyi Makinde to access a loan facility of N10 billion. The loan is intended to provide counterpart funding for World Bank-assisted projects and UBEC-SUBEB matching grants. This approval was granted after the Governor’s letter of request was read by the Speaker, Hon. Adebo Ogundoyin, during a session of the Assembly.

In the letter, Governor Makinde explained that the state’s counterpart funding is a necessary requirement to facilitate the release of donor funds to Oyo State. He emphasized that the World Bank-assisted projects are designed to complement the state government’s efforts to improve the welfare of its citizens. The projects aim to address various sectors, including education, healthcare, and infrastructure development.

During their deliberations, some lawmakers expressed concerns about the current state of the economy, which has made life difficult for many citizens. They appealed to Governor Makinde to prioritize projects and programs that will enhance the living standards of the people. The lawmakers also urged the Governor to ensure that the loan is utilized efficiently and effectively, to achieve the desired impact.

The loan facility, which is to be secured from Fidelity Bank, has a repayment period of 30 months. The Assembly’s approval is a significant step towards unlocking the funds necessary for the implementation of these critical projects. With this approval, the state government can now access the necessary resources to drive development and improve the lives of its citizens.