The Oyo State House of Assembly, on Tuesday, approved Governor Seyi Makinde’s request to access N20bn loan from First Bank of Nigeria Plc.
The Oyo state House also okayed the request by the governor to access N2.5bn Central Bank of Nigeria credit support intervention fund for the health sector.
Makinde sought the approval of the legislature in two separate letters of request forwarded to the Oyo State House of Assembly and read at the plenary by the Speaker, Adebo Ogundoyin.
The governor, in the request, noted that the N20bn 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 in the wake of the COVID-19 pandemic.
He said the money would be used to fund and support priority projects to boost economic activities in the state.
The Speaker said the House approved the requests of the governor in view of the importance the administration attached to infrastructural development, especially the construction and rehabilitation of roads and other social amenities, as well as the need to upgrade health facilities in order to combat coronavirus and other health challenges.