Oyo Assembly Approves N100bn Loan
The Oyo State House of Assembly has approved a N100bn loan facility to accelerate ongoing infrastructure projects and fund other development initiatives across the state. The loan is part of a proposed financing arrangement that includes a N300bn facility to refinance an existing contractors' finance facility.
The refinancing arrangement is expected to reduce borrowing costs and consolidate the state's contractors' finance obligations. The loan will be used to fund critical infrastructure projects and sustain the administration's infrastructure development programme.
The state government believes that completing ongoing projects will improve connectivity, access to public services, and economic activity.
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