By Ismaeel Aleem
The Oyo State Government has denied allegations by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a fresh N300 billion loan, describing the claims as “mischievous” and “reckless.”
In a statement signed by Sulaimon Olanrewaju, Special Adviser on Media to the governor, the government clarified that no new loan was taken.
Instead, the Oyo State House of Assembly approved N149 billion for refinancing existing debts, replacing older, costlier loans with more favourable terms to ease repayment burdens and N151 billion for infrastructure investments and contractor financing.
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“This is not new borrowing; it is simply responsible financial management,” the statement emphasised, noting that the arrangement ensures timely project completion without straining cash flows.
The controversy stems from concerns raised by APC lawmaker Ibrahim Shittu, representing Saki West State Constituency, who claimed he was uninformed about an August 19 emergency plenary approving the funds.
Shittu alleged a lack of involvement in the process. However, the House of Assembly has denied these assertions.
The government lambasted Shittu, calling him “notorious for not attending plenaries” and accusing him of misleading the public by exaggerating a 75% increase in Federal Account Allocation Committee (FAAC) revenues as 500%.
“Basic arithmetic would have shown him the actual figure,” the statement quipped, contrasting it with the 170% rise in the national minimum wage from ₦30,000 to ₦80,000. It further criticised Shittu’s understanding of governance.
Highlighting the administration’s achievements, the statement contrasted Makinde’s tenure with the APC’s eight-year rule, which it said left Oyo as a “civil service state” with unpaid salaries, abandoned projects, and mounting debts.
Under Makinde, internally generated revenue (IGR) has surged from N20 billion annually in 2018 to over N70 billion in 2025, without new taxes.
The financing will support key projects, including Phase 2 of the 110 km Rashidi Ladoja Circular Road to boost economic corridors, upgrades to the Samuel Ladoke Akintola Airport for international investment, and construction of feeder roads across zones.
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“Governor Seyi Makinde remains committed to transparent financial management and investments that make Oyo State self-sustaining and prosperous,” the statement added.
“No amount of APC propaganda can erase the truth: Oyo State is working and growing.”
