Ogun Assembly Okays Amosun’s N65.7b Loan Request

By Modupe Gbadeyanka

On Thursday, January 26, 2017, the Ogun State House of Assembly approved the request by Governor Ibikunle Amosun to obtain a loan of N65.7 billion for developmental projects in the state.

At the plenary today, the Assembly stressed that the money will not be given directly to the Governor, but to those offering the loans to finance the projects.

Moving the motion for the approval on Thursday, the Majority Leader, Mr Adeyinka Mafe, pointed out that the money was provided for in the budget as income, different from the Federal Allocation and the Internally Generated Revenue (IGR) of the state.

He noted that it was very strategic for the government to get the approval so that it could start sourcing for the loan.

Mr Mafe also argued that the Assembly provided the capital receipt that the government could borrow up to, but not above N65.7 billion.

Contributing to the debate on the floor of the Assembly, the Minority Leader, Mr Olawale Alausa, submitted that the House should be intimated on the list of the projects that the loan facility was targeted at.

On the part of Chairman of the House Committee on Finance and Appropriation, Mr Olusola Bankole, he emphasised that it was important for the Assembly to give approval to the government to access the loan because it will ensure that all the projects embarked upon by the government be completed at the stipulated time.

On Tuesday, the Governor wrote to the Assembly seeking its approval to access a N65.7bn loan facility from domestic and foreign banks for development projects.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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