The Oyo State Government has dismissed reports by the All Progressives Congress (APC) alleging that Governor Seyi Makinde’s administration recently secured a fresh loan of ₦300 billion.
The allegation, raised by Ibrahim Shittu, APC lawmaker representing Saki West Constituency, sparked concerns after he claimed he was neither informed nor part of the House’s reported approval during an emergency plenary on August 19.
But in a strongly worded statement issued on August 28 and signed by the governor’s Special Adviser on Media, Dr. Sulaimon Olanrewaju, the government described the claims as “reckless” and “misleading.”
According to the statement, what the House of Assembly actually approved was:
-
₦149 billion for loan refinancing — to replace older, costlier facilities with better repayment terms, and
-
₦151 billion for infrastructure and contractor financing, to fund ongoing and new projects while supporting contractors’ delivery timelines.
Read also;
FG Secures $25m Kuwait Loan to Tackle Out-of-School Crisis in Kaduna
“This is not fresh borrowing,” the government clarified. “It is a structured financial arrangement to ease repayment burdens and ensure critical projects are completed without straining government finances.”
The statement further criticised Shittu, describing him as “notorious for absenteeism at plenaries” and faulted his claim of a “500% increase” in Oyo’s federal allocation, stressing that the actual figure is closer to 75%.
Highlighting the Makinde administration’s progress, the government pointed out that Internally Generated Revenue has grown from ₦20 billion in 2018 under APC rule to over ₦70 billion in 2025, without imposing new taxes.
The financing plan, it added, will fund key projects such as:
-
Phase 2 of the 110km Rashidi Ladoja Circular Road,
-
Samuel Ladoke Akintola Airport upgrade, and
-
Construction of feeder roads across the state.
The statement concluded: “Governor Seyi Makinde remains committed to transparency and sustainable growth. 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.
