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Wed, Sep 6, 2023 3:35 PM

Oyo State House of Assembly Approves N50 Billion Revolving Overdraft for Development

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Oyo State House of Assembly Approves N50 Billion Revolving Overdraft for Development
The Oyo State House of Assembly has granted Governor Seyi Makinde's request to access a N50 billion revolving overdraft for the development of recurrent and capital expenditures in the state. This move will support the state government in meeting its financial obligations and funding various projects across Oyo State.

IBADAN - The Oyo State House of Assembly has granted the request of Governor Seyi Makinde to access a N50 billion revolving overdraft for the development of recurrent and capital expenditures in the state.

The approval was given following a request letter sent by Governor Makinde, which was read at the plenary on Tuesday by the Speaker, Adebo Ogundoyin.

In the letter, Governor Makinde stated, "The request is part of the efforts of the present administration towards financing its recurrent expenditure, which includes salaries and conventions, capital expenditure, and supporting/financing various contractual obligations."

The facility will be available for a period of 45 months at a concessionary rate of 25.1% per annum, subject to review based on prevailing money market conditions.

The lawmakers in the Oyo State House of Assembly commended the government for its ongoing projects across the state and recognized the need for such a facility to meet financial obligations, particularly in terms of recurrent and capital expenditures.

This approval reflects the commitment of the Oyo State government to ensure the progress and development of the state. With this revolving overdraft, the government can effectively address the needs of the people, allocate resources towards infrastructural development, create employment opportunities, and improve the overall standard of living in Oyo State.

The funds will be utilized to finance key sectors such as education, healthcare, agriculture, infrastructure, and social services. This will ensure that the people of Oyo State have access to quality education, healthcare facilities, and essential amenities for a better and more prosperous future.

Governor Seyi Makinde's administration has been proactive in its efforts to transform Oyo State into a hub of economic growth and development. This revolving overdraft will provide the necessary financial support to sustain and accelerate the pace of ongoing projects and initiatives.

Furthermore, the concessionary rate of 25.1% per annum is a positive development, as it allows the state government to maximize the impact of the funds while minimizing the burden of interest payments.

The approval of this N50 billion revolving overdraft is a significant milestone for Oyo State. It showcases the state government's commitment to prudent financial management and its determination to provide the necessary resources for the overall progress and well-being of the people.

With this latest development, the future looks promising for Oyo State as it continues to prioritize the welfare and development of its citizens. The N50 billion revolving overdraft will undoubtedly play a pivotal role in shaping a brighter and more prosperous future for the state.

Source of content: OOO News 2023-09-06 News

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