The Oyo State House of Assembly has approved the N10billion loan request of Governor Seyi Makinde to improve infrastructure in the state.
The News Agency of Nigeria reports that the request was sent to the House through a letter read by the Clerk of the House, Felicia Oyediran.
The loan to be obtained from First Bank Plc, United Bank for Africa and Unity Bank plc was approved at Tuesday’s plenary.
The Speaker, Adebo Ogundoyin, said there was an urgent need for swift approval of the request as fund was needed by the administration to provide infrastructure.
He said: “We cannot keep complaining about the financial mess which we have found ourselves because governance is continual. We just have to take responsibility and move on.
“We are working on improving our Internally Generated Revenue through restoring of Oyo State-owned industries and properties and also the investment bill which is in the pipeline.”
The speaker said as representatives of the people, the lawmakers would ensure judicious usage of the loan.
Olajide Fatokun said the House had done its duty diligently adding that the sum was within the limit allowed for the state.
Fatokun said: “That money basically is for the development of the state, with our governor as a technocrat, we are assured that the money will be used for the development of the state.
“I cannot categorically say we are going to repay all of the debt, but we will work toward ensuring we repay back the money.’’
Abiodun Fadeyi urged the House to ensure that the loan when obtained would be equitably used by the executive on projects and infrastructure across the state.
Asimiyu Alarape said the House would support anything that would bring development to the state.