Posted by Chinenye on Thu 22nd Oct, 2026 - tori.ng
Oyo State lawmakers have approved a major borrowing plan involving hundreds of billions of naira.
(Oyo Assembly. Photo by Inside Oyo)
The Oyo State House of Assembly has approved two loans from United Bank for Africa.
The request came from Governor Seyi Makinde, and it was read in plenary on Wednesday.
The first is a N100bn loan for infrastructure.
It will pay for ongoing projects across the state's 33 local government areas.
It carries a 22 per cent interest rate, a 48 month repayment period and a three month grace period on repayments.
The second is a N300bn refinancing deal.
UBA will take over a contractors' finance facility the state got from Access Bank at 26 per cent interest.
UBA will charge 22 per cent instead, which lowers the cost of borrowing by four percentage points.
Lawmakers said the move will cut borrowing costs and bring the state's contractor debts under one bank.
They also pointed to projects like the Ladoke Akintola University Teaching Hospital in Oyo town, the Rashidi Ladoja Circular Road and the Ido Eruwa Road, saying finishing them will help trade, jobs and access to services.