By Milcah Tanimu

Governor Seyi Makinde of Oyo State has approached the State House of Assembly, seeking approval for a loan of N150 billion from financial institutions, Afrexim and Access. The request was made during the first plenary session of the Assembly in 2024, where 20 out of the expected 32 lawmakers were in attendance to consider the proposal.

The governor explained that the loan facility is intended to expedite the completion of the ongoing Rashidi Ladoja circular road and alleviate traffic congestion within Ibadan metropolis.

During the plenary session, the Speaker, Adebo Ogundoyin, read the governor’s message, emphasizing the importance of supporting the state government in enhancing the current state of roads and overall infrastructure within the state. However, Ogundoyin stressed the need for detailed information on the loan repayment plan and other relevant aspects to aid the legislative considerations.

The Speaker directed the Chairman of the House Committee on Works and the Chairman of Appropriation to assess the implications of the loan. They were tasked with examining the current state of the state’s debt profile, understanding the pay-back mechanism of existing debts, determining the project’s duration, evaluating the road’s sections covered by the loan, assessing the impact on the state’s internally-generated revenue (IGR), and examining the anticipated benefits of the road construction for the residents.

In addition to the loan request, Governor Makinde sought the Assembly’s confirmation for Abdul-Raheem Abdul Rahman as Chairman of the Oyo State Education Trust Fund (OETF) and Nureni Adeniran as Chairman of the Oyo State Universal Basic Education Board. The nominees were directed to appear before relevant House Committees for screening.