Oyo House of Assembly Approves N10bn Infrastructural Development Loan For Oyo State Government

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By Odeh Henry

 

The Oyo State House of Assembly on Tuesday during its plenary has approved the request of the executive arm of government to obtain a 10 billion naira loan targeted at improving infrastructures in the State.

 

The infrastructural loan which will be obtained from First Bank plc, United Bank for Africa (UBA) and Unity Bank plc, was approved by the State lawmakers after the house has thoroughly debated  its importance and timeliness.

 

Speaking on the urgent need for swift approval of the request, the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin noted that fund is needed for the Govenor Seyi Makinde’s led administration to be able to hit the ground running.

 

According to him, the current financial state of Oyo state made it obviously clear that to build good roads and other facilities needed as dividends of democracy for the people, an external source of fund is needed.

 

He said, “we cannot keep complaining about the financial mess which we have found ourselves, because governance is continum. We just have to take responsibility and move on.

 

“While we are working on improving our Internally Generated Revenue (IGR), through restoration of Oyo State owned industries, properties, and also the investment bill, which is in the pipeline, we have to look at other means where we can get needed resources to complete ongoing projects and improve our infrastructures.

 

“As lawmakers, we have taken many steps towards this request. We had several meetings with the ministry of finance, the concern banks and also financial consultants.

 

“These meetings were fruitful and we can say boldly that the consultations has proven that the loan request is for the good of the people of Oyo State.

 

“Then as the representative of the people, our next duty is to monitor the spending of the loan through legilative oversight, as well as its allocations to ministries and projects the fund is  intended to execute.”

 

The Deputy Speaker, Hon. Abiodun Fadeyi, in his contribution to the debate, lamented that the PDP led government met loads of debt running to 150billion naira, which he described as a serious financial burden on the present administration.

 

“Aside the debt on ground, PDP met loads of uncompleted road projects and other decaying infrastructures.

 

“We just have to make sure that the loan when obtained is equitably used by the executive on projects and infrastructures across the State for the development of the state in general and betterment of our people,“ he added.

 

The minority leader, Hon. Asimiyu Alarape in his reaction said, “putting parties differences aside, as the minority leader to minority parties in this honourable  house, I support the move to approve the loan for Governor Seyi Makinde’s led executive arm.

 

“I believe in this move, because our utmost interest is to ensure our people enjoyed dividend of democracy in which provision of infrastructure is key.”

 

The house adjourned its sitting to 24th July.

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