The funding, according to statutory arrangements, requires the state and Federal Government to contribute an equal amount to be accessed by the state.
A statement by the Commissioner for Information, Muyiwa Olumilua, said the loan was approved during a virtual meeting of the State Executive Council on Thursday.According to Olumilua, the loan will enable the government meet up with its statutory 50 per cent counterpart obligation towards the release of funds for UBEC/State Universal Basic Education Board projects for the year 2019 and 2020.
He noted that the step became imperative on the premise that failure to pay the counterpart fund would disqualify the state from receiving her share of the UBEC/State Universal Basic Education funding. The statement said: “Being a Federal and state government partnership, both tiers are required to come up with their respective 50 per cent contributions before the total sum is released to the state. Recall that Governor Kayode Fayemi has substantially defrayed the outstanding counterpart funds for the years 2016, 2017 and 2018 UBEC/SUBEB projects, which was initially neglected by the previous administration, and repayment is still on.
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