Oyo State House of Assembly has granted approval for Governor Seyi Makinde’s request to secure a N10 billion loan facility.
Accordingly, this funding will serve as counterpart financing for World Bank-assisted projects and the UBEC-SUBEB matching grant.
Governor Makinde’s request was detailed in a letter read by Speaker Hon. Adebo Ogundoyin during the Assembly’s session on Tuesday, May 21.
The letter highlighted that the state’s counterpart funding is crucial to unlock donor funds for Oyo State.
The World Bank-assisted projects aim to support the Oyo State government’s efforts to improve citizens’ welfare.
Sources also revealed that the loan, to be obtained from Fidelity Bank, will be repaid over a period of 30 months.
During deliberations, some lawmakers voiced concerns about the current economic challenges facing the country, which have significantly impacted citizens’ lives.
They further urged Makinde to prioritize projects and programs that will enhance the living standards of the people.
