Oyo State House of Assembly approves Governor Seyi Makinde’s request for new financing to support infrastructure and manage existing contractor-related debt. The Assembly gives approval for a N100 billion loan from United Bank for Africa (UBA) aimed at funding infrastructure projects, alongside a separate N300 billion facility to refinance an existing contractors’ loan.

Across outlets, the approvals are described as part of a combined N400 billion arrangement. Nigerian Eye and Vanguard both explicitly frame the N300 billion as a refinancing move rather than additional borrowing, including a stated plan to shift the contractors’ finance facility from Access Bank to UBA. Nigerian Eye adds that the interest rate on the existing facility would move from 26% to 22%, while the N100 billion loan would also carry 22% (subject to market conditions). The Punch highlights the N100 billion loan for infrastructure, with a second Punch item similarly mentioning the N300 billion refinancing deal.

While all sources agree on the headline amounts and the Assembly approval, their emphasis varies: Nigerian Eye stresses the debt-management and rate-reduction mechanics, whereas The Punch focuses more directly on the N100 billion infrastructure loan.