The Oyo State House of Assembly has approved a N100 billion loan from United Bank for Africa (UBA) Plc to speed up the completion of ongoing infrastructure projects and finance other key development initiatives across the state.
The approval followed a request submitted by Governor Seyi Makinde in a letter addressed to the Speaker of the House, Adebo Ogundoyin.
According to the Assembly, the facility is intended to provide additional funding for critical infrastructure projects and ensure the timely completion of ongoing developments across the state.
Meanwhile, the accompanying N300 billion facility is earmarked for refinancing an existing contractors’ finance facility secured from Access Bank.
Meanwhile, the Senator Sharafadeen Alli Campaign Organisation (SSACO) has condemned Makinde’s decision to proceed with securing a fresh N100 billion loan, despite earlier warnings against reckless borrowing in the twilight of his administration.
Also, the All Progressives Congress (APC) in Oyo State has berated Makinde over the fresh N100 billion loan.
The campaign organisation described the development as an alarming demonstration of fiscal irresponsibility and political desperation.
In a statement by its Director of Media and Publicity, Bisi Oladele, the campaign group said the speed with which the approval was granted by the House of Assembly was indicative of a deliberate attempt to bankrupt the state for the incoming administration and mortgage the future of the state.
In a statement yesterday, Publicity Secretary of Oyo APC, Olawale Sadare, warned the governor against going ahead with the plan to waste over N4.2 billion of public funds belonging to the 33 local councils on the controversial council election being proposed for December 29, 2026.
