Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access N10 billion loan facility to provide counterpart fund for World Bank-Assisted Projects/UBEC-SUBEB matching grant.
The facility which is to be secured from Fidelity Bank is repayable for a period of 30 months.
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The governor had earlier sent the request to the legislators for approval.
Adebo Ogundoyin, Speaker of the State House of Assembly, read the letter from Governor Makinde indicating that the State counterpart fund was required to facilitate the release of donor funds to Oyo State
World Bank-Assisted Projects are meant to complement the drive by the Oyo State Government to improve the welfare of the citizens of the State.
Deliberating on the request at the plenary, some of the lawmakers expressed grave concern on the state of the economy across the Country which has made life unbearable for citizens.
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The legislators however appealed that Governor Makinde to give priority to projects and programmes that would enhance the living standard of the people in the State.
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