OYO GOVT DENIES N300BN ‘FRESH LOAN’ ALLEGATION, CALLS APC CLAIM ‘MISCHIEVOUS’ AND ‘RECKLESS’
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By: Sefiu Ajape
The Oyo State Government has refuted allegations by the All Progressives Congress (APC) in the state that Governor Seyi Makinde’s administration obtained a N300 billion “fresh loan.”
The lawmaker representing Saki West State Constituency, Mr. Ibrahim Shittu, had raised concerns over the matter, claiming he was neither notified of the August 19 emergency plenary nor part of the House’s approval process.
But the Oyo State House of Assembly rejected his claims.
In a statement dated August 28, posted on X on Friday and signed by the Special Adviser (Media) to the Governor, Dr. Sulaimon Olanrewaju, the government described the allegation as “mischievous” and “reckless,” stressing that no such loan had been obtained.
The statement read: “There is no N300 billion ‘loan.’
“What the House of Assembly approved is: N149 billion for refinancing — this means replacing an older, more expensive loan with a new facility on better terms, thereby reducing the state’s repayment burden.
“N151 billion for infrastructure investment and contractor financing — a structured arrangement that allows the government to fund ongoing and new projects while giving contractors the confidence to deliver on time.”
It further explained that the refinancing plan “is not new borrowing; it is simply responsible financial management,” while contractor financing “ensures that critical projects are completed without choking government cash flow.”
The government also criticised Shittu, saying he was “notorious for not attending plenaries” and that “in his desperation to mislead the public, claimed that there has been a 500 per cent increase in FAAC allocations to Oyo State.”
“Basic arithmetic would have shown him that the actual increase is about 75 per cent.
“By contrast, the rise in the national minimum wage from ₦30,000 to ₦80,000 represents an increase of about 170 per cent. That the lawmaker cannot distinguish between a 75 per cent increase and 500 per cent only confirms that he neither understands figures nor governance,” the statement added.
The government drew a comparison with the APC’s time in power, noting: “It was under its eight years of misrule that Oyo State was reduced to a ‘civil service state,’ with a grounded economy, unpaid salaries, abandoned projects, and suffocating debts.”
According to the statement, the Makinde administration “took tough but strategic financial decisions that moved Oyo State out of the trenches,” pointing out that Internally Generated Revenue (IGR) “has grown from about N20 billion annually in 2018 under the APC to over N70 billion in 2025 — without overburdening citizens with new taxes.”
It added that the financing arrangement will support “legacy projects such as Phase 2 of the 110 km Rashidi Ladoja Circular Road — opening new economic corridors; completion of the Samuel Ladoke Akintola Airport upgrade — repositioning Oyo State for international investment; and the construction of more feeder roads across all zones of the state.”
The statement concluded: “Governor Seyi Makinde remains committed to transparent financial management and investments that will make Oyo State self-sustaining, competitive, and prosperous.
“No amount of APC propaganda can erase the truth: Oyo State is working, Oyo State is growing, And Oyo State will not return to the dark days of APC misrule.”
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