Ogun State House of Assembly members today approved Governor Ibikunle Amosun's request to borrow N14.16bn from Federal government bailout funds.
The new bailout funds for insolvent states promised single digit interest rate and a repayment lifespan of Ten years
Amosun has written a letter on June 14, 2016 to the State House of Assembly, gave the need to navigate the current economic downturn as well as meet the state’s obligations; the payment of workers, pensioners and other stakeholders as reasons for the proposal to access the fund.
Moving the motion to give the Governor the approval, the majority leader, Hon. Yinka Mafe representing Sagamu I State Constituency, cited the urgency of the request. He said the loan will give the Workers in the State a new Life. Hon. Rasaq Oduntan representing Yewa North II supported the majority leader's motion while the whole house members unanimously approved the request.
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