The Oyo State House of Assembly has granted Governor Seyi Makinde access to the loan facilities of N22.5 billion to develop infrastructure and revamp the state’s health care facilities to combat the novel coronavirus and others.
The House also passed into law, a bill to rename Ibarapa Polytechnic, Eruwa after the late philanthropist and father of the present Speaker of the Oyo State House of Assembly, Chief Adeseun Ogundoyin.
The House, while giving approval to the N20 billion Contractor Financing Loan Facility from the First Bank of Nigeria Plc, also approved the request of N2.5 billion Central Bank of Nigeria (CBN) Credit Support Intervention Fund for the health sector.
Governor Makinde sought the approval of the legislature in two separate letters of request he forwarded to the state assembly and read by the Speaker, Hon Adebo Ogundoyin.
Governor Makinde in the request expressed that the N20bn loan facility became imperative in view of the dwindling revenue accruable to the state from the federation account and the drop in Internally Generated Revenue due to the COVID-19 global pandemic.
Packaged by Kunle Gazali
