The Oyo State House of Assembly has approved a N100 billion loan facility from United Bank for Africa (UBA) Plc to accelerate the completion of ongoing infrastructure projects and fund other critical developmental initiatives across the state.
The approval followed a request by Governor Seyi Makinde, conveyed in a letter addressed to the Speaker of the House, Rt. Hon. Adebo Ogundoyin, and read during the plenary today.
The N100 billion loan is intended to provide additional funding for critical infrastructure development and facilitate the timely completion of ongoing projects across Oyo State, while the accompanying N300 billion facility will be used to refinance an existing contractors’ finance facility obtained from Access Bank.