Gov. Makinde’s Revolving N50bn Overdraft Approved by Oyo Assembly
Governor Makinde’s request to access a N50 billion revolving overdraft for both recurrent and capital expenditures in the state has been approved by the State’s assembly.
The Oyo State governor had sent a request letter to the Assembly read at the plenary by the Speaker, Hon. Adebo Ogundoyin.
Makinde in the letter said, “The request is part of the efforts of the present administration towards financing its recurrent expenditure which includes salary and conventions, capital expenditure and support/finance various contractual obligations.
“The facility is for a period of 45 months at a concessionary rate of 25.1 per cent, per annum.
“This is subject to review in line with the prevailing money market conditions”.
The lawmakers who deliberated on Makinde’s request acknowledged the various projects being embarked upon by the state government across the state.
They said in other to enable the state government to meet up with its financial obligations, especially in terms of its recurrent and capital expenditures, such a facility was inevitable.
Follow us for more stories…
Author
