Seyi Makinde Approaches Debt Market for N100bn Loan

Governor of Oyo State, Seyi Makinde, is presently perfecting plans to borrow a fresh N100 billion from the debt market, according to the latest information from Dr. Wasiu Olatubosun, the Commissioner for Information, Culture and Tourism, Oyo State.

Dr. Olatobosun disclosed this after the weekly State Executive Council meeting held virtually on Wednesday.

According to the commissioner, the N100 billion would be raised in two tranches of N50 billion each for the construction of the Ibadan Circular Ring-Road, upgrade of the Ibdand Airport and the construction of 50-kilometre Iseyin-Ogbomoso Road.

Also, part of the fund would be used to develop the state dry port and the rail corridor, which would eventually serve as the economic hubs of Oyo State.

Dr. Olatobosun further said one government hospital in each of the three senatorial districts of Oyo State will also be upgraded from the N100 billion.

He said, “Considering the infrastructural needs of Oyo State to enhance its economic potential, the state government has approved the issuance of private bond tagged Oyo Prosperity Bond to facilitate the execution of priority projects with a view to raising N100bn, which is to be raised in two tranches of N50bn each.

“The state government has approved Oyo State Prosperity Bond to allow for quick completion of these iconic priority projects.”

Meanwhile, the All Progressives Congress (APC) party in Oyo State has decried governor Seyi Makinde’s financial recklessness.

In a statement signed by the party’s publicity secretary, Abbdulazeez Olatunde, the party said uncontrolled borrowing would plunge the state into financial abyss.

The statement reads, “Here is a governor who promised to take Oyo State’s finances from relying on Federal Government’s monthly allocation within six to 12 months of assumption of office.

“How do we explain seeking N100bn bond when we are yet to see anything tangible to point to for the accrued N39.5bn debts?”