Oyo State House of Assembly, on Tuesday, approved a N6 billion credit facility for Governor Seyi Makinde-led administration to bridge infrastructural deficit and enhance even development across the state.
A request letter sent to the lawmakers by the executive, stated that the loan request was to ensure seamless execution of contracts it had awarded.
The Speaker, Adebo Ogundoyin, said that the governor-in-council met and approved that an additional N5 billion loan facility and the balance of N1 billion window, both of First Bank Nigeria Plc, be made available to the state government.
“The total sum will be used to finance the existing projects in the state,” he said.
Ogundoyin said that the assembly would continue to monitor the expenditure of the executive arm to ensure that the loans being approved were strictly used for the development of the state and completion of ongoing projects.