The Ogun House of Assembly on Thursday granted approval to Gov. Dapo Abiodun to access N250billion loan only at 3 years Medium -Term Expenditure frame Work ( MTEF) programme of the state to stimulate and grow the state’s economy.
The assembly’s approval followed the passage of a resolution title: ” Request for Bond Issuance, Public Offering or Book Building to the tune of N250billion.
Mr Yusuf Sherif (APC -Ado Odo Ota 1), the Majority Leader, moved the motion for the passage of the resolution, seconded by Mr Jemili Akingbade (ADC -Imeko Afon) and supported by the whole House through a voice vote.
Sherif said the financial programme was to be carried out in tranches of N100billion annually through any of bond issuance, public offering, book building or such other methods as may be approved by regulatory authorities.
Sherif said that access to other tranches were subjected to further approval of the House.
Earlier, the Chairman, House Committee on Finance and Appropriation, Olakunle Sobukanla (APC -Ikenne) explained thatdue to the economic challenges poised by COVID-19 pandemic, the state needed to access financial intervention programmes with little interest rate.
Responding, Mr Olakunle Oluomo (APC–Ifo1), the Speaker , opined that such intervention would sustain the state’s economy following the economic downturn occasion by the pandemic.
Oluomo stated that there had been drastic reduction in the Internally Generated Revenue of the state as well as Federal allocation due to the upsurge of the Coronavirus pandemic.
