The Oyo State House of Assembly has approved the request of the State Governor, Engr. Seyi Makinde to obtain a N10billion loan to improve on infrastructure in the state.
The loan would be obtained from First Bank Plc, United Bank Africa and Unity Bank Plc.
The Speaker of the Assembly, Rt. Hon. Adebo Ogundoyin while speaking on the urgent need for the quick approval of the loan, said the funds are needed to build good roads and other facilities in order to bring dividends of democracy to the people.
His words: “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 continuum. 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.”
Contributing, the Deputy Speaker, Abiodun Fadeyi , lamented that the Makinde led government met a debt profile running into N150bn, 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 said
The Minority Leader of the Assembly, Asimiyu Alarape, said it was important for him and the members in the minority parties to put aside their differences aside and support the request for the loan in the interest of bringing development to the state.