The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access a N10bn loan facility to provide counterpart funding for World Bank-assisted projects in the state.
Makinde’s request letter read at plenary on Tuesday by the Speaker, Adebo Ogundoyin, indicated that the counterpart funding was required to facilitate the release of donor funds to Oyo State.
According to the letter, the World Bank-assisted projects are meant to complement the state government’s drive to improve the welfare of the citizens of the state.
The facility would be secured from Fidelity Bank and repaid over a 30-month period.
In their deliberations, some of the lawmakers who spoke on the request expressed concerns about the state of the economy across the country, which they said, had made life virtually unbearable for citizens.
The lawmakers, therefore, appealed to Makinde to continue giving priority to projects and programmes that would improve the living standards of the people.
