Oyo Assembly Approves Fresh N100bn Loan and Refinancing of N300bn Debt

The Oyo State House of Assembly approved Governor Seyi Makinde’s request for a fresh N100 billion loan for infrastructure and the refinancing of an existing N300 billion debt. The infrastructure loan will come from United Bank for Africa (UBA) at 22% interest over 48 months, while the refinancing will transfer the contractors’ facility from Access Bank, where it carries a 26% rate, to UBA at 22%. The fresh loan also includes management and advisory fees and a three-month moratorium, during which interest will continue to accrue.