The Oyo State House of Assembly has consented to the request of Governor Makinde to access 50 billion naira revolving overdraft for the development of recurrent and capital expenditures in the state.
The approval was granted by the Assembly during the Tuesday plenary led by Rt. Hon. Debo Ogundoyin having received a letter from the governor.
Makinde in his letter said “The request is part of the efforts of the present administration towards financing its recurrent expenditure which includes salary and conventions, capital expenditure and support/finance various contractual obligations.”
The facility is for a period of 45 months at a concessionary rate of 25.1% per annum.
This is subject to review in line with the prevailing money market conditions.
While deliberating on the request, the lawmakers acknowledged the various projects being embarked upon by the State Government across the State.
They said such a facility was inevitable to enable the State Government to meet up with its financial obligations especially in terms of its recurrent and capital expenditures.
