The Oyo House of Assembly, on Thursday, approved the request of Governor Seyi Makinde to borrow N50 billion to fund new and ongoing infrastructure projects in the state.
The N50 billion contract finance facility to provide funding for select contractors will be sourced from a commercial bank at an interest of between two and four per cent spread across 48 months.
Contract Finance is a loan that helps businesses finance the smooth execution of contracts.
The letter read at the plenary presided over by the deputy speaker, Honourable Abiodun Fadeyi listed some of the new and ongoing road infrastructure projects, across the state, that will be funded from the loan.
In seeking the Assembly’s approval of the loan, Majority Leader, Honourable Sanjo Adedoyin said the fund will go a long way in enabling the current government to execute contracts for infrastructure development projects.
He added that the fund will also help the state to continue to bridge its infrastructure gap.
In another letter from the executive read at plenary, the Assembly approved the proposed netting of the Oyo state domestic debt from a 60 per cent refund following the reconciliation of unauthorized debits from the year 2009 to 2015.
Contributing to this, the Majority Leader, Honourable Sanjo Adedoyin said the request was in order as it will enable the state to align and reconcile some of the debts Oyo state is believed to be owing the Federal Government.
A third letter considered at Thursday’s plenary was that seeking the Assembly to confirm the appointment of Justice Iyabo Yerima as Chief Judge of the state.
The Fadeyi-led sitting said Yerima will be screened by the House Committee on Judiciary which will then present its report to the Assembly for consideration and subsequent confirmation.
Thursday’s plenary also saw the reinstatement of the Vice-Chairman, Ona-Ara Local Government, Mr Kunle Balogun.
Reading the report of its findings, Chairman, House Committee on Local Government, Chieftaincy Matters and State Honours, Honourable Olajide Akintunde said Balogun was not found culpable of any financial misconduct or mismanagement of public funds except allegations of gross misconduct on party activities levelled against him and was unjustly suspended by the legislative council of Ona Ara Local Government Area.
The Deputy Leader of the House, Ona-Ara Local Government Legislative Council, Adedokun Ololade was also asked to vacate the office of vice-chairman does being “elected without due process as Acting Vice-Chairman.”
The Assembly had mandated the House Committee on Local Government, Chieftaincy Matters and State Honours to investigate the suspension of Balogun by the Legislative Council effective November 15, 2022, with Deputy Leader of the House, Adedokun Ololade announced as his replacement.