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Ogun State Approves 18.9bn Naira Loan To Offset Workers’ Deductions

The Ogun State House of Assembly has granted approval to the State Government’s request to obtain a total loan of 18.9 billion Naira to offset … Continue reading Ogun State Approves 18.9bn Naira Loan To Offset Workers’ Deductions


ogun assembly
Speaker of the House, Suraju Adekunbi, says the spate of violent crimes in the state has become worrisome.

ogun assemblyThe Ogun State House of Assembly has granted approval to the State Government’s request to obtain a total loan of 18.9 billion Naira to offset the outstanding deductions/subvention to workers on its payroll.

The loan would be obtained from a from a bank under the Federal Government Bail-out programme.

According to Governor Ibikunle Amosun’s letter to the Assembly which was read by the Speaker, Mr Suraju Ishola during the plenary, the loans were broken down into 9.779 billion Naira for outstanding deductions/subvention and 9.139 billion Naira for the 20 Local Government Areas in the State.

The Governor’s request was a follow up to the House’s Resolution 008/2015, authorising the restructuring of the commercial bank loans into Federal Government of Nigeria Bonds, which would enable the State to fully participate in the Bail-out scheme.

The approval was granted through a resolution passed after the motion for the passage was moved by the Majority Leader, Honourable Adeyinka Mafe, seconded by Honournorable Oluwasesan Soyebo and supported by the whole House.

Earlier, while opening debate on the motion, Honourable Mafe explained that the loan would cater for the backlogs of the civil servants deductions which would help in boosting their morale and thereby enhancing productivity.

He added that the loan, which would be in a single digit interest rate, would bring succor to civil servants at the State and Local Government levels.