Governor Ibikunle Amosun has requested for the approval of the Ogun State House of Assembly to access N14.16 billion budget support facility from the Presidency, to enable the State Government meet its financial obligations to workers, pensioners and other stakeholders.
The Speaker, Suraj Adekunbi who read the Governor’s letter during the House resumed plenary in Abeokuta, said the State Government had considered the suitability of the facility due to continuous drop in the monthly allocation from the Federation Account.
Amosun in the request, said the loan repayment would be spread over a period of ten years at a single digit interest rate.
He asked the state assembly to authorize the State Executive Council through the Finance Commissioner to ensure the successful completion of process of receiving the note issuance from the presidency for the loan facility.
The loan facility is to be serviced from the statutory allocation due to the State Government.