The Oyo State House of Assembly has approved Governor Seyi Makinde’s request for a €55 million concessional loan aimed at revamping the state’s healthcare system.
The funding, secured through the French Treasury, is earmarked for the implementation of the Oyo State Healthcare Project VI and is expected to significantly enhance healthcare services across the state.
The loan request, dated July 11, 2025, was presented during Monday’s plenary session by Speaker Rt. Hon. Adebo Ogundoyin. According to the document, the State Executive Council had already endorsed the loan prior to its presentation before the legislature.
The facility offers highly favourable terms, including an annual interest rate of just 0.0092%, a 40-year repayment period, and a 15-year moratorium.
Governor Makinde, in his communication to the House, explained that the funds would support a broad range of reforms aimed at modernizing healthcare delivery throughout the state. These include the establishment of advanced public health services such as trauma and emergency care, neonatal intensive care, and the full digitalization of the health system to enhance coordination between patients and service providers.
The funds will also go toward upgrading infrastructure and medical equipment at primary and secondary healthcare centres, as well as reorganizing the Oyo State Health Insurance Agency (OYSHIA) to improve service coverage and efficiency.
Key projects listed under the facility include the development of a flagship medical centre at Ring Road State Hospital, an Advanced Medicine Centre with ICU and dialysis services, and maternal and child health units in several general hospitals including those in Iseyin, Eruwa, and Kishi.
Emergency care facilities in Saki, Igbora, Ogbomoso, Moniya, and Oyo, as well as Jericho Specialist Hospital, are also set for upgrades. Dental and Maxillofacial Centres across multiple locations, including Dugbe, Apata, and Aremo, are similarly included.
Lawmakers praised the initiative, describing it as a bold step towards addressing longstanding gaps in the state’s healthcare sector. Speaker Ogundoyin commended the governor’s consistent push for infrastructural development, urging swift execution of the project.
“This House is fully aligned with any initiative that delivers tangible improvements to the lives of Oyo residents. The terms of this facility are not only favourable, but the objectives align with public needs,” he said before putting the motion to a voice vote, which passed unanimously.
The Assembly further tasked relevant government agencies to ensure transparency, due process, and responsible financial management in deploying the funds and executing the healthcare projects.