Oyo Assembly approves separate ₦100bn loan and ₦300bn refinancing
Oyo lawmakers approved a ₦100 billion infrastructure facility and a separate ₦300 billion refinancing facility; disbursement was not reported.
- Publish date: 2026-10-21
- Category: Standards & Policy
- Original source: The Guardian Nigeria
- Reading time: 1 min read
The Oyo State House of Assembly approved a ₦100 billion UBA loan facility for ongoing and other critical state infrastructure projects. It separately approved a ₦300 billion UBA facility to refinance an existing contractors’ finance facility from Access Bank, which carried a 26% rate; the proposed UBA rate is 22%, a four-percentage-point reduction.
The new ₦100 billion facility carries a 22% interest rate subject to review, a 48-month tenor and a 3-month moratorium on principal and interest. The Guardian reported that the approvals followed a request from Governor Seyi Makinde. The measures are approved facilities; the report did not say that funds had been disbursed.