The Oyo State House of Assembly approved a N2bn loan request presented by Governor Seyi Makinde on Wednesday.
The House gave its nod at its plenary in Ibadan, the state capital, barely four days to the end of Makinde’s first term in office.
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Freelanews had reported that the facility is meant to facilitate the timely completion of some ongoing critical projects in the state.
The loan, being offered by Fidelity Bank Plc at a concessionary interest rate of 20.5 percent per annum, is repayable for a period of 36 months.
Makinde had, in a letter forwarded to the House, requested the approval of the parliament to access the loan.
Reading the letter on the floor of the House, the Speaker, Adebo Ogundoyin, quoted the governor as saying that the loan would be repaid from the internally generated revenue account of the state domiciled with Fidelity Bank Plc.
In their unanimous approval, the lawmakers stated that the development of critical infrastructure was pivotal to the socioeconomic growth of any society.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
