OYO STATE HOUSE OF ASSEMBLY APPROVES N100BN FRESH LOAN AND N300BN DEBT REFINANCING DEAL FOR MAKINDE ADMINISTRATION

Legislative approval grants state executive backing to secure a new UBA facility for infrastructure projects and restructure existing Access Bank contractor debt at lower interest rates

The Oyo State House of Assembly has approved a fresh N100 billion loan facility alongside a N300 billion debt refinancing arrangement following a formal request submitted by Governor Seyi Makinde.

The approval, granted during a plenary session presided over by Speaker Adebo Ogundoyin, authorizes the stateOyo State House of Assembly Approves N100bn New Loan and N300bn Debt Refinancing Request by Governor Makinde

Legislature grants executive approval to restructure existing obligations into long-term facilities and secure fresh capital for critical infrastructure development across the state

The Oyo State House of Assembly has approved a request by Governor Seyi Makinde seeking authorization to secure a new N100 billion loan and execute a N300 billion debt refinancing arrangement.

The approval followed the presentation and consideration of an executive communication from the governor during a plenary session presided over by the Speaker of the Assembly, Rt. Hon. Adebo Ogundoyin, at the House of Assembly Complex in Ibadan.

Presenting the rationale behind the financial request, the executive arm explained that the N300 billion debt refinancing deal is designed to restructure short-term domestic loans and existing debt obligations into longer-tenured, lower-interest facilities, thereby easing immediate repayment pressures on the state's monthly revenues.

Regarding the new N100 billion credit facility, the state government said the funds will fund ongoing key infrastructure projects, expand economic corridors, upgrade public utilities, and drive capital development initiatives embedded in the state's economic expansion program.

After deliberation, lawmakers passed the resolution granting full legislative endorsement, emphasizing that the debt restructuring and strategic borrowing will optimize resource allocation and sustain economic growth across Oyo State without disrupting statutory governance obligations.