Oyo Assembly Approves ₦100 Billion Loan for Projects

The Oyo State House of Assembly approved a ₦100 billion loan facility from United Bank for Africa Plc to expedite ongoing infrastructure projects and support other critical developmental initiatives across the 33 Local Government Areas of Oyo State. The approval followed a request from Governor Seyi Makinde, presented in a letter to Speaker Adebo Ogundoyin during a plenary session.

The loan aims to provide additional funding for infrastructure development and ensure timely project completion. Alongside this, a ₦300 billion refinancing facility will replace an existing contractors’ finance facility from Access Bank, reducing the interest rate from 26 percent to 22 percent.

The financing arrangement is designed to ease the state’s financial burden, allowing it to consolidate its contractors’ finance obligations with UBA. The loan carries a 48-month tenor, a management fee of 0.25 percent per annum, and a three-month moratorium on repayments.

Lawmakers emphasized the importance of sustained infrastructure investment for the state's development.