Assembly okays Makinde’s N20b loan request

Another N2.5 billion CBN credit support for health
The Oyo State House of Assembly yesterday approved the request of Governor Seyi Makinde to access N20 billion contractor-financing loan facility from the First Bank of Nigeria Limited.

The House also approved the request of the governor to access another N2.5 billion Central Bank of Nigeria credit support intervention fund for the health sector in the state.

Makinde had sought the approval of the legislature in two separate letters of request he forwarded to the Oyo State House of Assembly and read at the plenary by the Speaker, Adebo Ogundoyin.

In the request, the governor noted that the N20 billion loan facility became imperative in view of the dwindling revenue accruable to the state from the Federation Account and the drop in Internally-Generated Revenue (IGR) due to coronavirus pandemic.

According to the request, if accessed, the money would be used to fund and support priority projects to boost economic activities in the state.

On the N2.5 billion CBN credit support intervention fund, the governor said the money would be used to revamp the health care facilities, manage the COVID-19 pandemic and to promote other health initiatives of his administration.

The Speaker said the House approved the requests of the governor in view of the importance the present administration attached to infrastructural development, especially the construction and rehabilitation of roads and other social amenities as well as the need to upgrade health facilities to combat coronavirus and other health challenges.

Meanwhile, Deputy Speaker, Muhammad Fadeyi, who lauded the Oyo State Government for managing the affairs of the state in spite of the myriad of economic, social, security and health challenges confronting the nation, said that the loan would help the government in achieving its set goals.

Also, the Majority Leader, Sanjo Adedoyin and the Minority Leader, Asimiyu Alarape, who moved and seconded the motions respectively, stated that the requests could not have come at a more appropriate time than now to enable the state government finance some infrastructural development projects as well as address COVID-19 pandemic.