Oyo Assembly Grants Gov Makinde’s Request To Secure N10bn Loan As Counterpart Fund For World Bank Assisted Projects

By; BAYO AKAMO, Ibadan

The Oyo State House of Assembly on Tuesday, approved Gov Seyi Makinde request to access N10 billion loan facility as counterpart funding for World Bank Assisted projects/UBEC-SUBEB matching grant.

Oyo House of Assembly approval followed a letter of request by the governor to the House read by the Speaker, Hon. Adebo Ogundoyin.

Reading the letter, the Speaker noted that it said that the state counterpart funding was required to facilitate the release of donor funds to Oyo State and that 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.

He stressed that according to the letter, the loan facility which is to be secured from Fidelity Bank is repayable for a period of 30 months.

Some of the lawmakers while deliberating on the letter urged Gov Makinde to continue to give priority to projects and programs that will enhance the living standards of the people.

The lawmakers also expressed concern on the state of the economy across the country which has made life virtually unbearable for citizens.

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