The Oyo State House of Assembly has approved Governor Seyi Makinde's request to access a N10 billion loan facility to provide counterpart funding for World Bank Assisted projects and the UBEC-SUBEB matching grant. The approval followed a letter of request sent by the governor, which was read by Speaker Hon. Adebo Ogundoyin on Tuesday, May 21.
The letter indicated that the state counterpart funding is necessary to facilitate the release of donor funds to Oyo State. These World Bank Assisted Projects are aimed at complementing the Oyo State government's efforts to improve the welfare of its citizens. The loan, to be secured from Fidelity Bank, is repayable over 30 months.
During deliberations, some lawmakers expressed concerns about the challenging economic conditions across the country, which have 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 emphasized the importance of ensuring that the funds are used effectively to bring tangible benefits to the residents of Oyo State.
