Oyo Assembly Grants Makinde N50bn Loan

Governor Seyi Makinde of Oyo State has been granted his request to access N50 billion revolving overdraft for recurrent and capital expenditures in the state by the State House of Assembly.

It was gathered that the approval was sequel to a request letter sent to the assembly by the governor and read at the plenary on Tuesday by the speaker, Adebo Ogundoyin.

Makinde in the 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.”

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