The Oyo State Governor, Seyi Makinde, has sought the approval of the Oyo State House of Assembly to access a loan of N150 billion to finance ongoing infrastructure projects in the state.
Top on the list of infrastructure projects the fund is funding is the ongoing construction of the Senator Rashidi Ladoja Circular Road, Ibadan.
The governor’s request was contained in a letter read at the plenary of the Oyo Assembly held on Tuesday.
The Assembly consequently mandated its committees on Finance, Appropriation, and State Economic Planning to investigate the loan request and report in one week.
It specifically urged the two joint committees to come up with a comprehensive report on the request and the mode of payment.
Speaker of the Assembly, Honourable Adebo Ogundoyin, who presided over the plenary, said:
“Having N150 billion for the Ibadan Circular Road and other infrastructure is a good idea, but we have to consider the payback mechanism, i.e., the payment procedure.
“We also want the two committees to get all necessary details about the proposed loan. We need a holistic report on the request and the economic impacts of the road and other infrastructure when completed, among other details.”
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