Oyo Assembly approves N100bn loan, N300bn debt refinancing deal
The Oyo State House of Assembly approved a N100 billion loan from United Bank for Africa to fund infrastructure projects across the state's 33 local government areas and accelerate ongoing initiatives. They also approved a N300 billion refinancing deal to transfer an existing contractors' finance facility from Access Bank to UBA, cutting the interest rate from 26% to 22% to lower borrowing costs.
Pidgin: Oyo State House of Assembly don approve N100 billion loan from United Bank for Africa to push infrastructure projects for the 33 local government areas and to speed up projects wey dey ground. Dem also approve N300 billion refinancing deal to move one old contractors' finance facility wey dem get from Access Bank go UBA, to cut the interest rate from 26% go 22% so dat borrowing costs go reduce.
How this affects you: Oyo State government and residents across its 33 local government areas benefit from reduced borrowing costs, accelerated infrastructure project completion, and improved connectivity, public services, economic activity, employment, and movement of goods and services.
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