The Oyo State House of Assembly on Wednesday approved a N2bn loan request presented to it by Governor Seyi Makinde.
The House gave its nod at its plenary in Ibadan, the state capital, barely four days to the end of Makinde’s first term in office.
The facility is meant to facilitate the timely completion of some ongoing critical projects in the state.
The loan, being offered by Fidelity Bank Plc at a concessionary interest rate of 20.5 per cent per annum, is repayable for a period of 36 months.
Makinde had, in a letter forwarded to the House, requested the approval of the parliament to access the loan.
Reading the letter on the floor of the House, the Speaker, Adebo Ogundoyin, quoted the governor as saying that the loan would be repaid from the internally generated revenue account of the state domiciled with Fidelity Bank Plc.
In their unanimous approval, the lawmakers stated that the development of critical infrastructure was pivotal to the socioeconomic growth of any society.
