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By Emmanuel Adeleke
Oyo State House of Assembly has approved Governor Seyi Makinde’s request to access a N50 billion loan facility.
Makinde’s request letter was read by the Speaker, Rt. Hon. Adebo Ogundoyin, at Tuesday’s plenary.
The letter noted that the overdraft was sought to enable the state finance both recurrent and capital expenditures.
According to the letter, the loan facility would be used to finance recurrent expenditure such as salary payment, subvention and other various contractual obligations.
The N50 billion loan facility would be accessed at a concessionary rate of 21.5 per cent per annum and repaid over 45 months at a management fee of 0.25 per cent.
Approving the overdraft, the lawmakers said the N50 billion will enable the state government to finance ongoing infrastructure projects across the state and take care of recurrent expenditure