Makinde Seek State Assembly’s Approval To Divert N7.6bn Loan For Other Plans

The Governor of Oyo State, Seyi Makinde has clarified that the approval his adminstration sought from the State Assembly was for his administration to utilize the N7.6bn loan for other plans other than its original plan.

Makinde noted that the approval was not for a fresh loan from the CBN.

The Chief Press Secretary to the governor, Taiwo Adisa revealed this in a press statement on Friday.

Adisa noted that it was paramount to make the clarification so as to correct the misconception of the approval the Governor sought from the State Assembly.

He revealed that the former Governor Ajimobi had obtained the loan from the Central Bank of Nigeria CBN for the purchase of agricultural equipment in the state. Adding that, the CBN had already started making deductions from the state’s federal allocations.

Adisa also revealed that governor makinde intends to divert the loan to develop a farm settlement in Eruwa and Akufo as pilot scheme.

He said “The farm settlements will serve as pilot scheme for our Private Public Development Partnership (PPDP) Farm Estates and will eventually generate funds to develop the other seven farm settlements in the state.

”This is a deliberate plan aimed at creating sustainable development in the state and the project will extend to other settlements across the state, as this administration will remain fair to all zones in the state.”

The governor further said that the N10 billion loan approved for his government by the state legislature in July was intact, as it has not yet been accessed.

 

He said the N10 billion loan was meant for specific infrastructural development projects and that his government would start accessing the loan to fund the projects ”once the Due Process Office is through with the approval process of hiring contractors for the earmarked projects.

“Our administration will continue to be transparent and accountable to our people about how public funds are utilised in the state.”

”We will ensure that our people get value for any project that will be executed and also ensure that infrastructural development projects are tied to our economy.” the Governor added