Ogun assembly grants Gov. Abiodun approval to access N250bn loan

The Ogun House of Assembly has granted approval to Governor 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.
During the Plenary,  Chairman, House Committee on Finance and Appropriation Hon  Olakunle Sobukanla who gave the report of the executive session of the Assembly explained that
due to the economic challenges poised by COVID-19 pandemic, the state needed to access financial intervention programmes with little interest rate.
Majority Leader Hon Yusuf Sherif who moved the motion for the passage of the resolution,  seconded by Hon Jemili Akingbade and supported by the whole House through a voice vote.
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.
Earlier In his reaction Rt Hon. Olakunle Oluomo  said such intervention would sustain the state’s economy following the economic downturn occasion by the pandemic.
The Assembly at the last Plenary acknowledged Governor Abiodun’s Correspondence Requesting the Assembly’s approval for bond issuance, public offering or book building to the tune of Two Hundred and Fifty Billion Naira.