The Oyo State House of Assembly has approved Governor Seyi Makinde’s request to secure a N10 billion loan facility. This funding will serve as counterpart financing for World Bank-assisted projects and the UBEC-SUBEB matching grant.
The approval followed a letter of request from Governor Makinde, which was read by the Speaker, Hon. Adebo Ogundoyin, on Tuesday. The letter indicated that the state’s counterpart funding is necessary to facilitate the release of donor funds to Oyo State.
According to the letter, the World Bank-assisted projects are intended to complement the Oyo State government’s efforts to improve the welfare of its citizens. The loan, to be secured from Fidelity Bank, is repayable over a period of 30 months.
During deliberations, some lawmakers expressed concerns about the current economic challenges facing the country, which have made life difficult for many citizens. They urged Governor Makinde to prioritize projects and programs that will enhance the living standards of the people.
