Makinde Seeks N150bn Loan Approval for Ibadan Circular Road, Others

Kemi Olaitan in Ibadan

Oyo State Governor, Seyi Makinde, has sent a request to the state House of Assembly to access a loan of N150 billion to finance the ongoing Senator Rasheed Ladoja Circular Road in Ibadan, the state capital, and other infrastructure in the state.

He made the request in a letter forwarded to the state legislature, which was read yesterday  by the Assembly Speaker, Hon. Adebo Ogundoyin.

Makinde in the letter said the request became necessary to enable the state government complete the 104km road project and others like it in the state.

The Assembly, while deliberating on the loan request, directed its Committees on Finance, Appropriation and State Economic Planning as well as that of Works to investigate the loan request.

It urged the two joint committees to come up with a comprehensive report on the loan request and the mode of payment

Ogundoyin, in his submission, stressed the need for the committees to get all necessary briefs on the request and report to the Assembly in one week.

He said: “Having N150 billion for Ibadan Circular Road and other infrastructure is a good idea, but we have to consider the payback mechanism. I meant the payment procedure. We also want the two committees to get all necessary details about the proposed loan. We need a holistic report on the request, the economic impacts of the road and other infrastructure when completed among other details.”