The Oyo state House of Assembly has approved a loan sum of 2 billion naira loan facility by Governor Seyi Makinde from Fidelity Bank.
Request for the loan facility was read by the Speaker, Hon. Adebo Ogundoyin during today’s plenary sitting at the floor of the house.
According to the request as contained in a message from the executive, the loan repayment period is 36 month at an interest rate of 20.5 percent.
Makinde said the funds will be used to bridge the infrastructural deficits in the state.
Lawmakers in their separate contribution to the debate noted that since the loan request was tied to infrastructural development, it was expedient and good for the state.
Ogundoyin, after listening to lawmakers submission put the request to a vote which was unanimously approved by lawmakers after which the Speaker passed and approved the governor’s loan request.