Oyo State House of Assembly has approved another credit facility to the tune of N2b for the state governor, Engineer Seyi Makinde.
The approval of the loan was done on Wednesday by the lawmakers.
The approval of the credit facility was approved by the members of the Assembly during their plenary held on Wednesday in Ibadan, the state capital.
The loan which is being offered by Fidelity Bank PLC at a concessionary interest rate of 20.5% per annum is repayable for a period of 36 months.
Makinde had in a letter forwarded to the House requested for the approval of the lawmakers to access the loan.
Speaker of the state House of Assembly, Adebo Ogundoyin who read the letter quoted the governor as saying that the loan would be repaid from the internally generated revenue account of the state domiciled with Fidelity Bank PLC.
The lawmakers who present at the plenary in their unanimous approval of the request, said the development of critical infrastructure was pivotal to the socioeconomic growth of any society.
They said since the loan was meant for the development of infrastructure, they had no choice than to support the governor.
The lawmakers had in April this year approved the request of the state governor, Engineer Seyi Makinde to borrow N50bn loan.
The Assembly had in July 2019, endorsed the request by the Governor to take N10bn infrastructure loan.
The lawmakers also in October 2019 approved the request of the governor to access seven billion (N7bn) Central Bank of Nigeria (CBN) loan to boost farm settlements in Akufo in Ido Local Government Area and Eruwa in Ibarapa East Local Government Area of the state.
The lawmakers also in August 2021 approved another six billion naira (N6bn) credit facility for the governor.
In October 2021, the state lawmakers, approved the request of the state governor to access the N18.7bn Federal Government Bridge loan facility.
The lawmakers also in June 2022, approved an additional loan request of N2bn for the governor.