Amosun gets House’s approval for over N18.9bn loan

Ogun State House of Assembly on Wednesday approved Governor Ibikunle Amosun’s request to approach GTBank for N18.9 billion short-term loan meant to offset several months of outstanding deductions ‎and subventions to workers on state and local governments’ payrolls.

It would be recalled that Ogun State government and all 20 local government councils in the state have been lately at loggerheads with the entire workforce over the thrift and co-operative deductions and subventions, giving the excuse of dwindling federal allocations to the states.
Suraj Adekunbi-led Ogun State House of Assembly Wednesday gave its approval to go ahead, as part of Muhammadu Buhari-led Federal Government bailout and receive the short term loan of N18.9 billion, splitting into N9.779 billion for the state workers’ outstanding deductions/subventions and N9.139 billion for their local governments’ counterparts.
BusinessDay reports ‎that the governor’s request for short-term, single-digit interest loan was a follow up to the House 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 bailout scheme.
The approval was however, granted through a resolution passed after the motion for the passage was moved by the Majority Leader, Adeyinka Mafe, seconded by Oluwasesan Soyebo which was supported by the Whole House.