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Gov. Makinde seeks N150bn loan for Oyo

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In a bid to accelerate the completion of the ongoing Rashidi Ladoja circular road and alleviate traffic congestion in Ibadan metropolis, Oyo State Governor Engr Seyi Makinde has sought the approval of the State House of Assembly for a N150 billion loan.

At the first plenary session of the Assembly in 2024, Speaker Rt Hon Adebo Ogundoyin read the Governor’s message, highlighting the importance of supporting the state government’s efforts to enhance road infrastructure. Out of the expected 32 lawmakers, 20 were present to consider the loan request.

Speaker Ogundoyin emphasised the need for detailed information on the loan repayment plan and other relevant details to aid legislative considerations. He stated.

“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,” he said.

Key questions were raised by the Speaker, including the duration of the project, specifics about the road, the sections covered by the loan, potential contributions to the state’s internally-generated revenue (IGR), and the anticipated benefits for the people of the state.

Makinde’s loan request aims to fast-track infrastructure development, particularly the completion of the Rashidi Ladoja circular road.

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