Ekiti House Permits Fayose To Convert Bank Loans To FG Bonds The Ekiti State House of Assembly has passed a resolution permitting the state government to participate in the restructuring of commercial bank loans to Federal Government’s Bonds. It will be recalled that the government has been struggling under the weight of effects of huge commercial bank loans it inherited from its predecessor. According to a statement issued by the Special Assistant to the House Speaker, Mr Stephen Gbadamosi, the legislature gave its nod over the matter during a sitting of the House on Tuesday. This was sequel to a debate over a letter the Speaker, Right Honourable Kola Oluwawole, said the state governor, Mr Ayodele Fayose, addressed to the House. The Speaker also disclosed that the governor had requested the pleasure of the honourable members at a meeting on important state matters today (Wednesday). Right Honourable Oluwawole said the letter, entitled; “Restructuring of Commercial Banks’ Loans to Federal Government Bonds,” was seeking the approval of the House, through a resolution, as part of the conditions the government needed to fulfill to partake in the exercise. “A letter came from the Executive Governor of the State, Mr Ayodele Fayose, to the lawmakers. The letter is entitled “Restructuring of Commercial Bank Loans to Federal Government Bonds.” This will help the government to restore fiscal stability. But a resolution of the House is part of the conditions needed to partake of the restructuring,” he said. It was upon this disclosure that the House deliberated extensively over the subject, after which the Leader of House Business, Honourable Akinyele Olatunji, mover a motion for the resolution. Part of the issues considered by the House in granting the permission were that, than commercial banks’ loans, bonds have longer time of repayment schedule and that the interest rate is lower. Members also pointed out that the interest rate on bonds was lower compared to that of commercial banks’ loans. Earlier, the House had screened a commissioner nominee from the executive, a former member of the House from Oye constituency 1, Honourable Ayodele Michael. He was unanimously confirmed for the position, after some members had taken turn to examine his past deeds as a politician, lawmaker and hard working party man.

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