The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to obtain N10 billion loan to improve infrastructure.
The loan is to be obtained from First Bank Plc, United Bank Africa and Unity Bank Plc.
Speaking on the urgent need for swift approval of the request, the Speaker, Adebo Ogundoyin, noted that the governor needed the fund.
According to him, “with the present financial condition of the state, it is clear that to build good roads and other facilities needed as dividends of democracy for the people, requires an external source of funding.
“We cannot keep complaining about the financial mess, which we have found ourselves, because governance is continual. We just have to take responsibility and move on.
“While we are working on improving our Internally 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 the needed resources to complete ongoing projects and improve our infrastructure.
“As lawmakers, we have taken many steps towards this request. We have had several meetings with the Ministry of Finance, the concern banks and financial consultants.
“These meetings were fruitful and we can say boldly that the consultations have 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 his contribution, the Deputy Speaker, Abiodun Fadeyi , lamented that the PDP-led government met loads of debt running to N150 billion, which he described as a “serious financial constraint”.
“Aside the debt on the ground, PDP met loads of uncompleted road projects and other decaying infrastructures.
“We just have to make sure that the loan when obtained is equitably used by the executive on projects and infrastructures across the state for the development of the state in general and betterment of our people,” he added.
In his comments, the Minority Leader, Asimiyu Alarape, said it was important for him on behalf of the minorities to put aside party differences and support the request for the loan in the interest of development of the state.