Oyo State House of Assembly has approved the request of Gov.Seyi Makinde to access a N10 billion loan to provide counterpart funding for World Bank Assisted Projects/UBEC-SUBEB matching grant.
The News Agency of Nigeria (NAN) reports that the approval was sequel to a letter of request sent to the Assembly by Makinde.
The letter, read by the Speaker, Mr Adebo Ogundoyin on Tuesday at the plenary, indicated that the state counterpart funding was required to facilitate release of donor funds to Oyo state.
According to the letter, World Bank Assisted Projects are meant to complement the drive by the state government to improve the welfare of residents .
The facility, which is to be secured from Fidelity Bank, is repayable for a period of 30 months.
In their deliberations, some of the lawmaker expressed concerns on the state of the country’s economy.
They, therefore, appealed to Makinde to continue to give priority to projects and programmes that would impact lives and enhance living standards of the people. (NAN)