Oyo State House of Assembly don approve N100 billion loan wey United Bank for Africa (UBA) go give the state to help finish road work and other important projects for all the 33 local government areas.

The lawmakers approve the loan after Governor Seyi Makinde send letter to the Speaker, Adebo Ogundoyin, wey dem read during meeting on Wednesday.

The lawmakers also approve another N300 billion deal wey UBA go use take pay off the old money wey Oyo State borrow from Access Bank to pay contractors.

Dem explain say the new deal go help the state pay less interest on the old debt. Before now, the state dey pay 26 per cent interest on the money, but under the new deal with UBA, the interest go reduce to 22 per cent.

For the separate N100 billion loan, Oyo State go also pay 22 per cent interest, but the rate fit change depending on how money matter dey go for the market. The state get 48 months to pay back the loan.


The agreement also include management fee of 0.25 per cent every year and advisory fee of 0.5 per cent every year on the money wey remain to pay.

The state go get three months before e begin pay back the loan and interest. But the interest wey gather during those three months go join the fourth, fifth and sixth payments.

During the debate, Deputy Speaker Abiodun Fadeyi and other lawmakers talk say the loans go help the state complete important projects and improve development.

Dem mention projects like Ladoke Akintola University Teaching Hospital for Oyo town, Rashidi Ladoja Circular Road and Ido-Eruwa Road.

According to the lawmakers, finishing these projects go make life easier for residents, create work for people, help businesses grow and make movement of people and goods easier across the state.