Members of the Oyo State House of Assembly have approved the request of Governor Seyi Makinde of the state to access the N18.7 billion Federal Government Bridge Facility loan.

The state lawmakers gave the approval during an emergency sitting held on Monday in Ibadan, the state capital.

Our correspondent learnt that the loan was meant to cushion the effect of the Coronavirus pandemic.

DAILY POST recalls that this is not the first time the lawmakers will approve the governor’s request to access loan facilities.

Our correspondent learnt that the state House of Assembly, which was inaugurated in June 2019, has approved about N100 billion in loan for the governor.

DAILY POST gathered that one of such loans was the one recently approved in August this year.

Recall that the lawmakers had in August this year approved a loan of N6 billion for the governor.

Also, the House of Assembly had in October 2019 approved N7 billion Central Bank of Nigeria (CBN) loan for the governor.

It was gathered that the N7 billion loan was approved by the lawmakers four months after the 9th Assembly was inaugurated.

The state lawmakers had however on Monday approved another N18 billion loan facility for the governor.

DAILY POST reports that the request to approve the fresh loan was contained in a letter forwarded to the state lawmakers by Makinde.

Speaker of the Assembly, Adebo Ogundoyin read the letter before his colleagues on Monday.

Ogundoyin assured that the House, through its Committee on Public Account and Appropriation, will perform its oversight function by monitoring the accessing and the spending of the loan.

The lawmakers after their deliberations then approved the fresh loan for the governor.

Source: https://dailypost.ng/After-over-N100bn-loans-in-two-years-Oyo+Assembly-approves-fresh-N18bn-for-Makinde

Just fresh N18bn?

Not even much

The progress that seyi makinde is making in Oyo state is giving some bad belle people a sleepless night.

Money everywhere

Hmm. If there'll be visible results, no problem. But if otherwise, koni yen won

Murasi.....

Na wetin these morons sabi do b that. They can even borrow from the dead.

All our leaders know is loan. No innovative ways to improve igr and attract investors into the state..

Politics aside, govt borrowing money is not abnormal. As far as the money are borrowed on purpose.
This is why i av never condemn fed govt borrowing too because the money borrowed by them was on purpose, which is the railway av also enjoyed......The chinese constructed the project with their money as a matter of borrow.

Can we have the debt profile of the State before rationalizing the governor's decision ?

Continue with spending Oyo money,time will tell.

more street lights on bad roads loading...

Update:
I was just reliably informed that the governor is an electrical engineer.


After prompt payment of worker's salary, erecting street lights anywhere is the only language he understands.

It's in the blood

Much better than Bello that got same and placed it in fixed deposit.

Jostoman:
The progress that seyi makinde is making in Oyo state is giving some bad belle people a sleepless night.

Which progress? Continue applauding mediocrity.


All naija polithiefians are the same the same.

Jostoman:
The progress that seyi makinde is making in Oyo state is giving some bad belle people a sleepless night.

I swear mehn, you couldn't have said it any better cos I don't where these people saw that he has borrowed#100bn when statistics from the Debt Management Office has shown that he has even reduced Oyo state's debt

What a smart title!!!. "18billion naira" "Loan for cautioning the effects of Corona virus pandemic".

Progress in oyo state that was senator isiaka Ajimobi was a governor. I always visit Ibadan and there's no government presence there.

Jostoman:
The progress that seyi makinde is making in Oyo state is giving some bad belle people a sleepless night.

More Prado suvs to come

Ggf

Double standards.
The ppl above that are saying there is nothing bad in Makinde borrowing are the one that will insult Buhari to his ancestors for borrowing.
Call a spade a spade, this ppl have the same goals and motives and their is no better saints or devil.

And to those saying Oyo state is more progressive during GSM tenure, Isinku yi ooo....

Btw! Hit my signature for your web design and development project, affordable, beautiful interface and reliable

Borrowing just like your presidency

Jostoman:
The progress that seyi makinde is making in Oyo state is giving some bad belle people a sleepless night.

Abeg o Wch progress. Point me to the roads and infrastructure

Charley Boy (Area Fada) Advice To Men : Must See


https://www.youtube.com/watch?v=sCesr1Z-NX0

K

The opposition in Oyo are just bereft of ideas. The next thing is to go to Daily post to do their propaganda PR.

When they were trying to list the loans collected before,I was waiting and expecting to see where they will outline where all the loans collected by Oyo is 100Billion but no they can't.

Whatever they say,The facts are the facts which is on the DMO's website. Oyo is an economically viable state with previous loans being paid back by the Seyi Makinde administration and lesser loans than Lagos and Ogun.

Morever this is an FG loan for all 36states of the federation to cushion the effects of COVID19..

"The N18.7bn which will be disbursed in six tranches (6months instalment) of N3.1bn each is expected to be repaid monthly for 30years (360 months).

President Muhammadu Buhari approved the bridge facility for all the 36 states of the Federation and it will be accessed from the Central Bank of Nigeria, CBN"

He dey pepper them and they will keep on rantings and wailing

Makinde is a coded theif. Trust me

RealLordZeus:
Double standards.
The ppl above that are saying there is nothing bad in Makinde borrowing are the one that will insult Buhari to his ancestors for borrowing.
Call a spade a spade, this ppl have the same goals and motives and their is no better saints or devil.

And to those saying Oyo state is more progressive during GSM tenure, Isinku yi ooo....

Btw! Hit my signature for your web design and development project, affordable, beautiful interface and reliable

Some Nigerians and hypocrisy are like 5&6, As long u have same party with them, u can rob them & thier unborn generation, they will still find a reason to defend u. Just look at BMC & thier leaders like helinius & d vulture griller, PDP apologists are also same. Both groups just want to chop.

In fact same people insulting d BMCs on borrowing are up thier trying to rationalize makindes blunder. while d man is giving out Toyota jeeps left & right worth N2 billions...I hope he gives them one as well

100bn in 2years will equal 200bn in 4years with nothing visible to show for it except the swimming stadium.

At the current FX rate, that will be $400m

If all 36states borrow at the same rate, that will be 36 x $400m =$14,400bn

Yet they criticize buhari(who has a lot to show) for borrowing