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The Oyo State House of Assembly has endorsed the revised terms of the €55 million French Treasury Concessional Loan for the Oyo State Healthcare Project VI, a move that aligns the state legislature with the recent approval granted by the National Assembly.
The decision followed a letter from Governor Seyi Makinde, read at Tuesday’s plenary by the Speaker, Rt. Hon. Adebo Ogundoyin.
The Governor sought fresh concurrence from lawmakers after the French Government adjusted the loan conditions in response to delays and shifting global economic realities.
Oyo State had initially secured legislative approval for the facility in July 2025 under highly concessional conditions.
The loan is central to the government’s plan to upgrade and equip several hospitals across the state, forming the backbone of its ongoing healthcare reforms.
With the Federal Ministry of Finance confirming that the National Assembly has now given its nod, the stage is set for disbursement. Still, the revised terms differ sharply from the original package.
The interest rate now stands at 0.658 percent, with a 20-year maturity period and a 5-year grace window. The earlier terms offered a far lower interest rate of 0.0092 percent, alongside a 40-year tenor and a 15-year moratorium.
Even with these adjustments, the loan maintains a 35 percent grant component and remains a strategic funding line for the state’s health sector transformation.
Following the French Government’s revision, the Executive Council instructed the Ministry of Finance to return to the Assembly for fresh ratification, a directive that paved the way for Tuesday’s deliberations.
The Oyo Assembly Speaker, Ogundoyin, in his remarks, commended the Governor for what he described as a transparent and responsible approach to public financing.
He stressed that the Assembly will continue to support programmes that make a tangible difference in the lives of residents.
Lawmakers reaffirmed their commitment to ensuring the funds are handled with strict accountability and transparency once disbursement begins.
The €55 million loan will drive several flagship interventions, including new emergency care, trauma response and neonatal intensive care services, digitalization of health systems to improve efficiency, renovation and equipping of primary and secondary healthcare centres, and strengthening of the Oyo State Health Insurance Agency.
Major facilities earmarked for upgrade include the Ring Road State Hospital, where an Advanced Medicine Centre, a Maternal and Child Health Unit and an Emergency Medicine Unit will be developed. Other beneficiaries are general hospitals in Iseyin, Eruwa, Kishi and Aremo, and specialist hospitals in Saki, Ogbomoso and Jericho.
The Assembly’s concurrence brings Oyo State closer to unlocking the funds needed to advance its health infrastructure and expand access to quality care across the state.
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