The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to obtain a N10billion loan to improve infrastructure in the State.
The loan is to be obtained from First Bank Plc, United Bank for Africa and Unity Bank Plc.
Speaking on the urgent need for swift approval of the request, the Speaker of the House, Adebo Ogundoyin, noted that the fund is needed for the Governor Makinde-led led administration to be able to hit the ground running.
Ogundoyin explained that the present financial condition of the State shows that building good roads and other facilities needed as dividends of democracy for the people require an external source of funding and the best thing to do is to quit complaining about the financial mess, take responsibility and move on.
He said, “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 needed resources to complete ongoing projects and improve our infrastructures.”
The Speaker disclosed that the lawmakers have taken many steps towards the loan request, by having several fruitful meetings with the Ministry of Finance, the concerned banks and financial consultants; and it can be declared boldly, from the consultations, that the loan request is for the good of the people of Oyo State.
He further stated that, “As the representatives 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, Hon. Abiodun Fadeyi, lamented that the PDP-led government left loads of debt running into N150billion, loads of uncompleted road projects and other decaying infrastructures, which he described as a “serious financial constraint”.
He noted, “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.”
In his comments during the discussion, the Minority Leader, Hon. 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 the development of the State.
He said, “I support the move to approve the loan for the Governor Seyi Makinde-led Executive arm. I believe in this move because our utmost interest is to ensure our people enjoy the dividends of democracy in which provision of infrastructure is key.”