Oyo State House of Assembly, on Wednesday, approved a sum of two billion naira ( N2billion) credit facility for governor Makinde
The fresh loan is coming barely five days to the end of first term of governor Makinde in office.
The House gave its nod at its plenary held on Wednesday.
The loan which is being offered by Fidelity Bank PLC at a concessionary interest rate of 20.5 per cent per annum is repayable for a period of 36months.
The facility is meant to facilitate timely completion of some ongoing critical projects in Oyo State.
The Governor had in a letter forwarded to the House requested for the approval of the Lawmakers to access the loan.
The Speaker, Hon Adebo Ogundoyin who read the letter quoted the Governor as saying that the loan would be repaid from the internally generated revenue account of the State domiciled with Fidelity Bank PLC.
The lawmakers in their unanimous approval of the request, said the development of critical infrastructure was pivotal to the socioeconomic growth of any society.
They said since the loan is meant for the development of infrastructure, they had no choice than to support the Governor.
The lawmakers hailed Governor Makinde for his vision to develop all zones across Oyo State.