The Oyo State House of Assembly has granted the request of Governor Seyi Makinde to access #50billion revolving overdraft for the development of recurrent and capital expenditures in the State.
The approval was sequel to a request letter sent to the Oyo State House of Assemly by Governor Makinde and read at the plenary on Tuesday by the Speaker, Hon Adebo Ogundoyin.
Governor 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.
While deliberating on the request, the lawmakers acknowledged the various projects being embarked upon by the State Government across the State.
They said such a facility was inevitable to enable the State Government to meet up with its financial obligations especially in terms of its recurrent and capital expenditures.