Oyo Govt Invests N1.35bn in Sugar Plant, Varsity

The Oyo State Executive Council has approved the sum of N850m as investment in the Oyo Sugarcane Processors Limited, Iseyin.

The council also approved N500m as a capital grant for Abiola Ajimobi Technical University, Ibadan.

The Commissioner for Information, Dotun Oyelade, made this known after the weekly council meeting in Ibadan.

Oyelade said the government also increased the number of vehicles for Operation Burst to 60.

The commissioner said this was the result of the procurement of 40 extra security vehicles for the agency.

He said other security arms like the army, the police, and civil defence, among others, were also given additional vehicles.

According to him, “The State Executive Council has approved N850m as an investment in the state Sugarcane Processors Limited, Iseyin, through the state-owned Pacesetter Holdings Limited.

“The sugar plant currently valued at N4.9bn is at 90 per cent completion, and will be completed next year.

“By investing in the project, the state’s economy will be stimulated with the injection of 3,000 direct and indirect job opportunities."

Adelabu further said, “The state Executive Council approved half a billion naira as a capital grant for Abiola Ajimobi Technical University, Ibadan.

“The N500m grant will aid the accreditation of the institution’s new and old programmes for the 2024/2025 academic session by the National Universities Commission.

“The government also approved over N900m as a counterpart fund to partner with the World Bank which had earlier donated N1bn to the state through the Better Education Service Delivery For All.”

He added that such funding would boost education and upgrade infrastructures in the state.