The Oyo State chapter of the All Progressives Congress (APC) has fiercely opposed Governor Seyi Makinde’s move to secure a fresh loan of N200 billion, describing it as reckless and detrimental to the state’s financial future. The party called on concerned Nigerians to intervene and prevail upon the governor to abandon the borrowing plan.
According to the party, it said sources had revealed that Governor Makinde sought and secured approval for the loan on Tuesday, allegedly through the Speaker of the State House of Assembly, Hon. Debo Ogundoyin, and a few select lawmakers. It added that the governor’s request, contained in a letter dated 13th March 2025, cited the need to refinance an existing loan from a commercial bank.
In a statement issued on Tuesday and made available to journalists in Ibadan, Oyo APC’s Publicity Secretary, Olawale Sadare, condemned the move, insisting that the governor’s borrowing spree was driving the state into a financial mess.
“Another distressing development has emerged from the Oyo State House of Assembly today. The Speaker and a handful of his loyalists have secretly approved a fraudulent loan request from the governor without the knowledge of most of their colleagues. This decision was only made public through a post-plenary document released by the Clerk of the House,” the statement read.
Sadare decried the mounting debt profile of Oyo State under Makinde, alleging that the governor had already incurred over N300 billion in loans over the last six years. He questioned why, despite such heavy borrowing, the state had little to show in terms of infrastructural development, economic growth, and agricultural advancement.
“If the previous loans had been judiciously used to improve infrastructure, build the economy, and ensure food security through a sustainable agricultural revolution, there would be no need for concern. Unfortunately, the present PDP administration has demonstrated a lack of accountability and is determined to mortgage the future of Oyo State,” he said.
The APC spokesman further questioned the rationale behind the fresh loan request, citing the substantial revenue inflows into the state’s coffers.
“For the record, Governor Makinde receives an average of N11 billion in federal allocation and another N11 billion on behalf of the 33 local government councils. In addition, the state generates no less than N3 billion in Internally Generated Revenue, bringing the total monthly revenue to at least N25 billion. The critical question now is: what exactly is he doing with this massive income, and why does Oyo still need another huge loan?”
Sadare accused the governor of failing to prioritise essential needs despite the available funds, lamenting that workers in state-owned tertiary institutions were not being paid a living wage, while key sectors such as emergency response, agriculture, and education remained neglected.
“Oyo State cannot even afford five fully functional fire trucks to tackle emergencies. Farmers lack access to modern equipment, while the state’s public schools are deteriorating rapidly. Yet, Governor Makinde, who has failed to complete an ordinary bus terminal after allegedly spending N20 billion, has now set his sights on an airport upgrade project as another means to siphon public funds,” he added.
The APC spokesman also took a swipe at Speaker Ogundoyin, accusing him of acting as a rubber stamp for the governor’s financial dealings.
“The manner in which this N200 billion loan was hurriedly approved exposes the Speaker as a willing accomplice in Makinde’s financial recklessness. However, justice will eventually prevail, and no one involved in this dubious scheme will escape accountability,” Sadare warned.
As of the time of filing this report, efforts to get a reaction from the Oyo State government and the Speaker of the House of Assembly were unsuccessful.
