Oyo assembly approves ₦100bn loan for infrastructure projects
The Oyo State House of Assembly approved a N100 billion loan from United Bank for Africa to fund critical infrastructure projects and complete ongoing ones across the state's 33 local government areas. It also approved a N300 billion refinancing facility from the same bank to take over an existing contractors' finance facility from Access Bank, reducing the interest rate from 26% to 22% with a 48-month tenor, 0.25% management fee, 0.5% advisory fee, and a three-month moratorium on repayments.
Pidgin: Oyo State House of Assembly don approve N100 billion loan from United Bank for Africa to quicken di finish of ongoing infrastructure projects and fund other important development inside di 33 Local Government Areas of di state. Dem also approve N300 billion wey go refinance di old contractors' finance wey dem take from Access Bank, so dat interest rate go drop from 26% to 22%, with 48 months time, 0.25% management fee, 0.5% advisory fee, and three months wey dem no go pay back yet.
How this affects you: Oyo State Government is affected by gaining lower borrowing costs, reduced interest rate on existing debt from 26% to 22%, and additional funding to complete infrastructure projects such as Ladoke Akintola University Teaching Hospital, Rashidi Ladoja Circular Road and Ido-Eruwa Road.
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