Oyo Government denies securing ₦300bn loan, accuses APC of misinformation, and outlines approved funds for refinancing and infrastructure projects.
The Oyo State Government has rejected claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a fresh ₦300 billion loan.
The allegation was raised by Ibrahim Shittu, a lawmaker representing Saki West State Constituency, who alleged that he was neither informed about an emergency plenary session held on August 19 nor aware of any approval for such borrowing.
However, the Oyo State House of Assembly and the state government have both refuted the claims.
In a statement dated August 28 and signed by Dr. Sulaimon Olanrewaju, Special Adviser (Media) to the Governor, the government described the accusation as “reckless and mischievous,” emphasizing that no such loan was taken.
According to the statement, the Assembly only approved:
- ₦149 billion for loan refinancing – replacing a costlier loan with one on better terms to ease repayment.
- ₦151 billion for infrastructure and contractor financing – structured to support ongoing and new projects without disrupting cash flow.
The government clarified that refinancing does not amount to new borrowing but reflects prudent financial management, while contractor financing ensures timely completion of critical projects.
Criticism of APC Lawmaker
The statement criticised Shittu, describing him as a lawmaker who “rarely attends plenaries” and accusing him of misrepresenting financial data. It noted that his claim of a 500% rise in FAAC allocations was inaccurate, stressing that the actual increase was about 75%.
It also compared the alleged mismanagement under the APC to the present administration, stating that under APC’s eight-year rule, the state suffered unpaid salaries, abandoned projects, and mounting debts.
Financial Growth Under Makinde
The Makinde-led government highlighted key achievements, including growing Internally Generated Revenue (IGR) from about ₦20 billion in 2018 to over ₦70 billion in 2025, without imposing heavy taxes.
Funds from the approved financing arrangement, the statement added, will drive major projects such as Phase 2 of the 110 km Rashidi Ladoja Circular Road, upgrades to Samuel Ladoke Akintola Airport, and the construction of feeder roads across the state.
The government reaffirmed its commitment to transparency, prudent financial practices, and investments that make Oyo State self-reliant and economically competitive.
It concluded:
“No amount of APC propaganda can change the fact that Oyo State is progressing and will not return to the dark era of mismanagement.”
