Oyo State government said on Tuesday it has spent only 14 percent of the $200millon loan received from the World Bank following the August 26, 2011 flood disaster that claimed hundreds of lives and property worth several millions of naira.
The loan repayment is spread over a period of 20 years with a single digit interest rate of two percent.
The government said the loan repayment would start after 15 years.
The Director General of Oyo State Bureau of Physical Planning and Development Control, Alhaji Waheed Gbadamosi, stated these during a press conference held at the state Ministry of Information, Culture and Tourism.
Part of the loan, Gbadamosi said is being spent on reconstruction of bridges, roads and dredging of rivers and water channels to control flooding in the state.
According to the DG, the government has listed many of the affected sites under the Ibadan Urban Flood Control, and the project will last eight years.
He also said the 70 –year- old Eleyele water dam would be upgraded to a world class dam, adding that construction work is expected to commence soon.
Gbadamosi, who spoke on the final draft of Ibadan Master Plan, said 22 private radio stations operating without approved building plans in the city would soon be closed down.
He said: “Over 22 radio stations don’t have approved building plans. They don’t have building plans. Most of them turned residential buildings into commercial ventures.”