Ogun State House of Assembly has granted approval to Governor Ibikunle Amosun’s request, to obtain 14.16 billion Naira

The Ogun State House of Assembly has granted approval to Governor Ibikunle Amosun’s request, to obtain 14.16 billion Naira from the Federal Government Budget Support Facility to States of the Federation.

          

The approval followed a motion moved by the Majority Leader, Hon. Mafe Adeyinka, backed by a member representing Yewa North II State Constituency, Hon. Rasaq Oduntan and supported by the House.
Opening debate on the motion, Hon. Mafe said that the facility which was for a ten year tenor with a single digit interest rate, would reduce the financial burden of the state, thereby creating an avenue for the government to expend the Internally Generated Revenue (IGR) of the state on capital projects.
Contributing to the debate, members including the Deputy Speaker, Olakunle Oluomo, supported the motion and lauded the Federal Government for thinking ahead of time in finding a solution to the current economic recession in the nation.
Members of the House said the facility would help to stimulate economic growth, explaining that the nation needed to borrow to run the economy during the economic recession.
They condemned the havoc wrecked by the Niger Delta Avengers on the nation’s economy which had depleted the revenue from the sales of crude oil.
Passing the motion into resolution through a voice vote, the Speaker of the State of House of Assembly, Mr Suraj Adekunbi lauded the contributions of his colleagues to the debate, saying that the facility would be of great benefit to the state and serve as a means out of the current economic challenges.
The facility was meant to provide financial support to the states with a view to position them in navigating the present economic challenges and meet the obligations of staff, pensioners and other stakeholders.