On Thursday, the Oyo House of Assembly granted the governor’s request to borrow N50 billion to finance ongoing and future infrastructural projects in the state.
A commercial bank would give the N50 billion contract finance facility at an interest rate of between two and four percent spread over 48 months in order to finance a selected group of projects.
Some of the new and current road infrastructure projects around the state that will be supported from the loan were enumerated in the letter that was read during the plenary, which was presided over by the deputy speaker, Honorable Abiodun Fadeyi.
In seeking the Assembly’s approval of the loan, Majority Leader, Honourable Sanjo Adedoyin said the fund will go a long way in enabling the current government to execute contracts for infrastructure development projects.
He added that the fund will also help the state to continue to bridge its infrastructure gap.
At the plenary meeting on Thursday, the Assembly was asked to ratify the nomination of Justice Iyabo Yerima as the state’s chief judge in a different letter.