The Oyo State House of Assembly has given the Governor Seyi Makinde’s executive arm of government an approval collect 10 billion naira loan to improve infrastructures in the State.
The infrastructural loan which will be obtained from First Bank plc, United Bank Africa and Unity Bank plc, was approved by the State lawmakers during their Tuesday plenary in the State.
According to him, financial state of Oyo state made it clear that to build good roads and other facilities needed as dividends of democracy for the people, an external source of fund needed.
“While we are working on improving our Internal Generated Revenue, through restoring of Oyo State owned industries, properties and also the investment bill which is in the pipeline, we have to look at other means where we can get needed resources to complete ongoing projects and improve our infrastructures.
“These meetings were successful and we can say clearly that the consultations as proven that the loan request is for the good of the people of Oyo State.
“Then as the representative of the people, our next duty is to monitor the spending of the loan, its allocation to ministries and the projects intended to be executed with the fund.”
In addition, the Deputy Speaker, Hon. Abiodun Fadeyi lamented that the PDP led government met debt of 150billion naira, which he described as a serious financial problem.
“Also, PDP met loads of uncompleted road projects and other decaying infrastructures.