13 Oyo Law-Makers Secretly Approved #100b Bond For State Government

13 Oyo Law-Makers Secretly Approved #100b Bond For State Government

Unknown to members of the public and some of their colleagues, less than 13 members of the Oyo State House of Assembly sat and approved a hundred billion naira bond for the state yesterday.

INSTANTnews understands that the 32-member assembly is peopled by 6 All Progressives Congress, APC and 26 Peoples Democratic Party, PDP, members.

Credible sources told INSTANTnews that Speaker Adebo Ogundoyin and less than 13 other lawmakers secretly sat in the hallowed chambers ‘without microphone and noise’ to approve the bond yesterday.

”It was hurriedly done. The microphones were not switched on. Nobody was allowed to enter as other entrances were manned. I doubt if their other colleagues, especially the All Progressives Congress, APC, lawmakers, were aware. It was the speaker and his loyalists,” said another source, who preferred to remain anonymous.

This newspaper cannot confirm, as at press time,  if it was another bond or the old one initially approved last October by the assembly.

But another source, when asked about the development, said it was the old bond “but was just reviewed in the sense that rather than service in 5 years, it will not take the state 7 years to service it. It is even a single digit interest one and it has been taken over by the Central Bank of Nigeria, CBN.”

This newspaper recalls that the Seyi Makinde administration had initially sought a N7.6 billion naira to finance Akufo and Eruwa farm settlements in 2019 and another N22. 5billion infrastructure loan last year. Also in December 2021, the assembly had approved a N2 billion loan request by Makinde for the Oyo State Ministry of Agriculture and Rural Development which is part of the plan of the state Government to develop the Agricultural sector.

@INSTANTnews