New Telegraph

Makinde Seeks Oyo Assembly’s Approval To Access N150bn Loan

Oyo State Governor, Seyi Makinde, has requested the approval of the State House of Assembly to secure a loan of N150 billion from the Afrexim and Access financial institutions.

The Governor’s request was considered during the Assembly’s first plenary in 2024, after the Speaker of the House, Adebo Ogundoyin read the Governor’s request with 20 lawmakers present out of the expected 32.

According to reports, Governor Makinde said the loan would be utilized to expedite the completion of the ongoing Rashidi Ladoja circular road and alleviate traffic congestion within the Ibadan metropolis.

It is crucial to extend support to the state government in its efforts to enhance the current condition of roads and overall infrastructure in the state.

“The House needs to be furnished with details of the loan repayment plan and other necessary information that will aid legislative considerations.

“The Chairman of House Committee on Works and that of Appropriation should deliberate on the implications of the loan, find out the current state of the state’s debt profile and the pay-back mechanism of debts already acquired.


“How long will the project take, brief on the road, and how many sections of the road will the loan take care of?

“Find out if the road project will add to the state’s internally-generated revenue (IGR) how long the project will take and the benefits of the road construction to the people of the state,” the speaker directed.

Ogundoyin stated that these inquiries would assist the House in its discussions regarding the loan.

The governor additionally requested the state legislature’s approval of Abdul-Raheem Abdul Rahman as the Chairman of the Oyo State Education Trust Fund (OETF).

Also, he sought confirmation for Nureni Adeniran as the Chairman of the Oyo State Universal Basic Education Board. The speaker instructed the two nominees to present themselves before the relevant House committees for their evaluation.

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