Governor Seyi Makinde of Oyo State, on Tuesday, approached the State House of Assembly, seeking approval for a N150 billion loan from Afrexim and Access financial institutions for the Ladoja circular road project in Ibadan.
The first plenary of 2024 at the Assembly saw the participation of 20 lawmakers, with 32 expected to attend, to discuss the request.
The governor explained that the loan facility aims to expedite the completion of the ongoing Rashidi Ladoja circular road and alleviate traffic congestion in the Ibadan metropolis.
The letter from Makinde was read by Speaker Adebo Ogundoyin during the plenary.
He highlighted the importance of assisting the state government in its endeavour to enhance the existing condition of roads and overall infrastructure in the state.
- “The House needs to be furnished with details of the loan repayment plan and other necessary information that will aid legislative considerations.
- “The Chairman of House Committee on Works and that of Appropriation should deliberate on the implications of the loan, find out the current state of the state’s debt profile and the pay-back mechanism of debts already acquired.
- “How long will the project take, brief on the road, and how many sections of the road will the loan take care of?
- “Find out if the road project will add to the state’s internally-generated revenue (IGR) how long the project will take and the benefits of the road construction to the people of the state,” the speaker said.
More Insights
- Moreover, the governor additionally requested the state legislature’s confirmation for Abdul-Raheem Abdul Rahman as the Chairman of the Oyo State Education Trust Fund (OETF). This signals the governor’s commitment to ensuring key appointments align with the state’s educational objectives.
- Additionally, the governor sought confirmation from the state legislature for Nureni Adeniran as the Chairman of the Oyo State Universal Basic Education Board (SUBEB).
- In adherence to protocol, the Speaker directed the two nominees to attend hearings before the pertinent House Committees, ensuring a comprehensive assessment of their qualifications and suitability for the respective positions.
