Capital projects: Ogun Assembly approves N16.6bn loan
Ogun State House of Assembly Thursday approved Governor Ibikunle Amosun’s request to obtain N15billion internal loan and N1.6 billion counterpart funding loan from two banks.
At the hearing Thursday, Majority Leader, Mr Isreal Jolaosho, who moved the motion for the approval of the governor's request said that the N15billion internal loan would be used for capital projects in the state.
He further said that the money would be used for infrastructural development in the state, adding that all the senatorial districts of the state would benefit from the loan.
According to him, the banks from which the loan would be accessed are Ecobank Nigeria Limited and Guaranty Trust Bank Plc.
Jolaoso added that that the N1.6billion counterpart funding would be used for the State Universal Basic Education Board (SUBEB) project across the state.
He said: 'If we fail to release this N1.6billion, the federal government will find it so difficult to release theirs, that is why this money needs to be approved urgently,' he said.
In his contribution, Mr John Obafemi, representing Remo-North constituency, said that construction of roads should also be seen in the rural areas, not only in the cities.
Obafemi appealed to the state government to also consider projects that would generate employment for the youths, noting that the rate of unemployment is high.
In his position, Hon Adeyinka Mafe, representing Sagamu 1 constituency, commended the people of the state for paying their taxes, saying that dividends of democracy would be enjoyed by everybody.
Mafe, however, advised the government to extend road construction and other projects that would benefit the people to the nooks and crannies of the state.