By Peter Omopo
30th August 2025
The Oyo State Government has dismissed claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a fresh ₦300 billion loan, describing the allegation as “false, mischievous, and reckless.”
The controversy was sparked after Ibrahim Shittu, a lawmaker representing Saki West State Constituency, alleged that the House of Assembly had secretly approved the facility during an emergency plenary on August 19, without his knowledge or input.
But in a statement issued on August 28 and signed by Dr. Sulaimon Olanrewaju, Special Adviser (Media) to the Governor, the government insisted that no such loan was obtained. Instead, it explained that the House of Assembly had approved a financing package consisting of:
- ₦149 billion for refinancing of existing loans to ease repayment burdens.
- ₦151 billion for infrastructure investment and contractor financing, to support ongoing and new projects.
“There is no ₦300 billion loan,” the statement read. “Refinancing is not new borrowing; it is simply replacing costlier debt with cheaper facilities. Contractor financing, on the other hand, ensures projects are completed on schedule without straining government finances.”
The government criticised Shittu for what it called “deliberate misinformation,” noting that he rarely attends plenary sessions. It also dismissed his claim of a “500 per cent increase” in federal allocations to Oyo, stating that the actual rise was closer to 75 per cent.
According to the statement, the Makinde-led administration has strengthened the state’s finances, raising Internally Generated Revenue (IGR) from ₦20 billion annually in 2018 under the APC to over ₦70 billion in 2025 — without imposing new taxes.
The government contrasted its record with that of the APC, accusing the opposition of leaving behind “a grounded economy, unpaid salaries, abandoned projects, and suffocating debts” during its eight years in power.
The approved financing plan, it said, will fund key projects such as Phase 2 of the 110 km Rashidi Ladoja Circular Road, the completion of the Samuel Ladoke Akintola Airport upgrade, and construction of feeder roads across all zones.
“Governor Seyi Makinde remains committed to transparent financial management and investments that will make Oyo State self-sustaining, competitive, and prosperous,” the statement concluded. “No amount of APC propaganda can erase the truth: Oyo State is working, growing, and will not return to the dark days of APC misrule.”
