The Oyo State House of Assembly has formally endorsed the revised terms of the €55 million French Treasury Concessional Loan designated for the State Healthcare Project VI, marking a key legislative step that brings the state in alignment with the recent approval granted by the National Assembly.
The endorsement followed the consideration of a letter transmitted by Governor Seyi Makinde and read during plenary by the Speaker, Rt. Hon. Adebo Ogundoyin.
In his remarks, the Speaker commended Governor Makinde for what he described as “a transparent and responsible approach to public financing,” noting that the administration’s handling of the loan negotiation underscored its commitment to prudent fiscal management and development-focused borrowing.
Ogundoyin stressed that the Assembly would continue to back policies and programmes capable of delivering measurable improvements to the wellbeing of residents, particularly in critical sectors such as healthcare.
“Our focus remains on supporting initiatives that have direct and meaningful impact on the people of Oyo State. This facility is central to enhancing healthcare infrastructure and service delivery, and we expect full value for every euro borrowed,” he stated.
Lawmakers across party lines reaffirmed their commitment to ensuring strict accountability and transparency in the utilisation of the loan once disbursement commences. Several members emphasised that robust oversight mechanisms would be deployed to track implementation and ensure the project adheres to international standards associated with concessional financing.
The Assembly’s latest action follows its earlier approval of the facility in July under what were described as “highly concessional conditions.” The revised terms, officials said, reflect updated negotiations and harmonisation with federal legislative requirements.
The State Healthcare Project VI is expected to strengthen health infrastructure, expand access to quality medical services, and enhance system-wide capacity across Oyo State.
With the legislative endorsement now secured, the loan implementation framework is set to proceed, pending final administrative processes between the state government and the French Treasury.
