The Oyo State House of Assembly on Tuesday approved the request of Governor Seyi Makinde to access N20 billion contractor financing loan facility from First Bank of Nigeria Plc.
The House also approved another request of the governor to access N2.5 billion CBN credit support intervention fund for the health sector.
Makinde had sought the approval of the state Assembly in two separate letters he forwarded to it.
The letters were read by the Speaker of the Assembly, Adebo Ogundoyin, during Tuesday’s plenary.
The Speaker said the House approved the requests in view of the importance the administration attached to infrastructure development, especially the construction and rehabilitation of roads and other social amenities.
Ogundoyin added that the loans would also enable the Makinde administration to upgrade health facilities in order to combat Coronavirus and other health challenges.
The Governor in the request noted that the N20billion loan facility became imperative in view of the dwindling revenue accruable to the state from the Federation Account and the drop in Internally Generated Revenue due to Covid-19 global pandemic.
According to the request, if accessed the money would be used to fund and support priority projects to boost economic activities in the state