Ogun State House of Assembly on Tuesday approved the N14.16 billion loan request of the state government being supported by the Federal Government.
The approval followed a motion at plenary for the consideration of Governor Ibikunle Amosun’s request moved by the Majority Leader, Mr Yinka Mafe.
The motion was seconded by Mr Razak Oduntan representing Yewa North II.
Opening debate on the loan, Mafe said the fund would help to alleviate the conditions of workers in the state.
He said that it was a facility meant for recurrent expenditure of the state’s budget.
Mafe said the facility was to support the budget and to ensure that workers and other stakeholders wee paid their entitlements.
“This facility has been structured into monthly payments as we have been told and from the documents we have.
“ In the first three months, the state will be given N1.1 billion , in the next nine months it’s going to be N1.3 billion, totalling about N14 billion to N15 billion.
“The facility is going to help the economy of the state and will also reduce the burden on the state’s Internally-Generated Revenue.
“What we are doing now is to give the state government a legal backing to access the fund, “ he explained.
The Deputy Speaker, Mr Olakunle Oluomo, thanked the Federal Government for supporting the facility, stressing that it would go a long way in assisting the state.
He condemned the destruction of some oil installations by the Niger Delta Avengers, saying that their activities had affected the nation`s economy negatively.
The motion was unanimously supported by the lawmakers who also commended the Federal Government for the bail out fund.
The Speaker, Mr Suraj Adekunbi, thanked the lawmakers for their contributions, saying that it was important to give legal backing to enable the state government to access the fund.
“It is the opinion of this House that approval be given to the state government for the Federal Government budget support facility so that the people can benefit, “ he said.
