The Oyo State House of Assembly has approved the request of the executive arm to obtain 10 billion naira loan to improve infrastructures in the State.
The infrastructural loan which will be obtained from First Bank plc, United Bank Africa and Unity Bank plc, was approved by the State lawmakers during their Tuesday plenary in Oyo State.
Speaking on the urgent need for swift approval of the request, the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin noted that fund is needed for the Govenor Seyi Makinde’s led administration to be able to hit the ground running.
According to him, financial state of Oyo state made it obviously clear that to build good roads and other facilities needed as dividends of democracy for the people, an external source of fund needed.
He said, “We cannot keep complaining about the financial mess which we have found ourselves, because governance is continual. We just have to take responsibility and move on.
“While we are working on improving our Internal 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.
“As lawmakers, we have taken many steps towards this request. We had several meetings with the ministry of finance, the concern banks and also financial consultants.
“These meetings were fruitful and we can say boldly that the consultations as proven that the loan request is for the good of the people of Oyo State.
“Then as the representative 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 met loads of debt running to 150billion naira, which he described as a serious financial constrain.
“Aside the debt on ground, PDP met loads of uncompleted road projects and other decaying infrastructures.
“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, “ he added.
In his words, the Minority Leader of the House, Hon. Asimiyu Alarape representing Atiba state constituency said, “putting political parties differences aside, as the minority leader to minority parties in this honourable I support the move to approve the loan for Governor Seyi Makinde’s led executive arm.
“I believe in this move, because our almost interest is to ensure our people enjoyed dividend of democracy in which provision of infrastructure is key.”