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Makinde’s ₦500bn Debt Burden Raises Concerns, Says Olowofela

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…accuses governor of using Ajimobi as diversion from economic mismanagement

A Federal Commissioner at the Federal Character Commission (FCC), Prof. Adeniyi Olowofela, has accused Oyo State Governor, Seyi Makinde, of using the late former Governor Abiola Ajimobi to divert attention from what he described as the state’s worsening debt crisis under the current administration.

In a statement on Sunday and exclusively obtained by Mega Icon Magazine, Olowofela, a former commissioner for Education, Science and Technology under Ajimobi’s administration, said Makinde’s penchant for borrowing has reached alarming levels, with over ₦500 billion allegedly incurred in debts between May 2019 and June 2025.

This comes just days after the Oyo State House of Assembly approved yet another ₦63 billion loan request by Governor Makinde, reportedly earmarked for the renovation of the Government House.

The ex-council chief questioned the rationale behind such a huge loan for what he called a “cosmetic” project at a time when residents are grappling with poverty and food insecurity.

“It is on record that Governor Makinde has borrowed over ₦500 billion in six years. Now he wants another ₦63 billion just to renovate the Government House, yet he blames Ajimobi for the state’s financial woes,” Olowofela said.

According to him, the claim that the state is still struggling to repay debts incurred by Ajimobi is misleading. He clarified that the ₦7 billion agricultural loan procured under the Ajimobi administration was never accessed, as Governor Makinde, shortly after winning the 2019 election, instructed the bank not to release the funds to the outgoing government.

He noted that despite being the main beneficiary of the facility, Makinde’s government has yet to channel the funds into the intended agricultural projects in Akufo and Ibarapa six years later.

On the controversial World Bank-funded flood control initiative, Olowofela noted that while Ajimobi’s government accessed only 14 percent of the $200 million loan, the Makinde administration had drawn down the remaining 86 percent. He argued that this disqualifies Makinde from shifting blame to his predecessor for debts that largely benefited his own government.

“Logically speaking, if Governor Makinde is repaying these loans, then he is paying for funds he has spent. Crying foul is therefore diversionary and politically self-serving,” he said.

The federal commissioner also took a swipe at the Makinde administration for allegedly seizing a property belonging to the late Ajimobi, located near the Government House. He called for the immediate release of the property to the family of the late governor, urging the governor to rise above politics and act as a statesman.

“It’s been six years since Ajimobi left office and five years since his passing. If Governor Makinde still blames him for his own rudderless leadership, then perhaps he needs the services of a necromancer to resurrect Ajimobi,” he said.

He warned that any successor to Makinde in 2027 would need to be an “economic wizard” to salvage the state from its current fiscal trajectory.

“The people of Oyo State must begin to ask hard questions about the true state of our public finances and the priorities of those who lead us. Spending ₦63 billion on a building while the people go hungry is not governance — it is misplacement of priorities,” Olowofela concluded.

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Alli to Makinde: Your Presidential Bid  Dead on  Arrival

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Oyo senator’s campaign reacts to reported APM South-South vote of no confidence

The Senator Sharafadeen Alli Campaign Organisation has said the reported rejection of Oyo State Governor Seyi Makinde by leaders of the Allied People’s Movement (APM) in the South-South has reinforced its opposition to his presidential ambition ahead of the 2027 general elections.

The organisation described the development as a vindication of its position that Makinde’s presidential bid lacked the political foundation to succeed, alleging that the governor was using the ambition to negotiate a soft landing ahead of the next general elections.

The campaign organisation’s Director of Media and Publicity, Bisi Oladele, stated this in a statement on Wednesday, following a newspaper advertorial in which APM leaders in the South-South reportedly passed a vote of no confidence in the governor.

The APM leaders were quoted as accusing Makinde of lacking the substance, political will and focus to lead the party, while questioning his credibility and relationship with party members.

Reacting, Alli’s campaign organisation alleged that Makinde was pursuing a presidential ambition he knew would not succeed, claiming that his real objective was to weaken President Bola Tinubu’s political support in the South-West.

“The good news is that he will not only lose to President Tinubu in Oyo State, his lackey, Hon. Bimbo Adekanmbi, whom he is desperate to install for an undemocratic third term, will be flatly defeated by Senator Sharafadeen Alli,” the statement said.

The organisation expressed confidence that Alli’s Oyo AHEAD agenda would accelerate development in the state, insisting that the senator offered a different political direction.

It also claimed that Makinde’s political camp was losing ground, citing the reported resignations of aides and the departure of some party leaders as signs of growing dissatisfaction within his camp.

The campaign organisation argued that the reported criticism from APM stakeholders in the South-South reflected concerns about Makinde’s relationship with party structures and political associates.

“If a man cannot manage his party in his own state, how can he manage Nigeria?” an APM leader from the South-South was quoted as asking during a meeting on Tuesday.

The statement further accused Makinde of disregarding established party structures and abandoning some of those who supported his emergence as governor in 2019 and his re-election in 2023.

It also pointed to what it described as repeated resignations from the governor’s cabinet in recent weeks, arguing that the developments raised questions about the state of his political support.

The organisation maintained that the reported position of the South-South APM leaders reinforced its criticism of Makinde’s presidential ambition, which it again described as “dead on arrival”.

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N100bn loan: Makinde out to bankrupt Oyo, Alli campaign organisation alleges

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The Senator Sharafadeen Alli Campaign Organisation has accused Oyo State Governor, Seyi Makinde, of putting the state’s financial future at risk with a proposed N100bn loan, alleging that the move is driven by political interests ahead of the 2027 elections.

The organisation, in a statement by its Director of Media and Publicity, Bisi Oladele, condemned the proposed borrowing and criticised the Oyo State House of Assembly for approving the loan, warning that it could leave the incoming administration with a heavier debt burden.

It questioned the economic justification for taking on another major financial obligation with Makinde’s tenure expected to end in May 2027.

The campaign organisation alleged that the proposed loan had more to do with the governor’s political ambitions and succession plans than with the development of the state.

“The proposed borrowing was not driven by any genuine developmental consideration but by a desperate political agenda to finance the 2027 elections,” the statement said.

The organisation, however, did not provide evidence to substantiate its allegation that the loan was intended to fund election-related activities.

It also faulted the state House of Assembly for approving the borrowing, accusing lawmakers of failing to subject the proposal to adequate scrutiny in the interest of the people.

According to the organisation, the legislature has a responsibility to protect the state’s finances rather than approve borrowing requests without thoroughly examining their implications.

“Approval by the legislature does not automatically confer economic wisdom, transparency or public interest on a borrowing decision,” it said.

The campaign organisation further criticised Makinde’s reported presidential ambition, alleging that the governor was more concerned about his political future and preferred successor than the financial wellbeing of the state.

It insisted that no amount of borrowing could guarantee victory for the governor’s preferred candidate in the 2027 governorship election, maintaining that the people of Oyo State would decide their next governor at the polls.

The organisation warned against using the state’s borrowing powers and creditworthiness to advance partisan political interests, stressing that the consequences of excessive debt could outlast the administration that incurred it.

It also said the incoming administration could subject questionable financial commitments to lawful scrutiny, adding that legislative approval would not shield any established wrongdoing from accountability.

The campaign organisation urged Makinde to reconsider the proposed loan and ensure that he handed over a financially viable state when his tenure ends in May 2027.

“He cannot borrow his way into the presidency, neither can he borrow his preferred candidate into the Government House in Agodi,” the statement said.

It warned that although the governor’s tenure would end, the burden of any debt incurred by his administration could remain with the people for years.

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Fresh N100bn Loan: Oyo APC Tells Makinde to Refund Every Kobo After Office

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The Oyo State chapter of the All Progressives Congress (APC) has criticised Governor Seyi Makinde over the approval of a fresh N100bn loan, vowing to hold him accountable for any public funds allegedly misappropriated during his tenure.

The party also warned against spending over N4.2bn belonging to the state’s 33 local government councils on the proposed December 29, 2026 council election.

In a statement issued in Ibadan on Wednesday, the APC Publicity Secretary, Olawale Sadare, described the loan approval as an act of recklessness and insensitivity to residents’ plight.

The loan request was conveyed to the Oyo State House of Assembly in a letter read by the Speaker, Debo Ogundoyin, on Monday and subsequently approved by the lawmakers on Wednesday.

The governor reportedly said the facility would be used to refinance existing loans and fund ongoing infrastructure projects. However, the APC questioned the justification for the fresh borrowing, citing the monthly allocations received by the state and its 33 local government areas.

The party also alleged contract cost inflation, poor compliance with due process and repeated supplementary budget requests under Makinde’s administration.

Citing the reported resignation of the Director-General of the state’s Due Process Office and other senior officials, the APC called for greater scrutiny of the administration’s financial management.

It said Makinde and anyone found culpable of misappropriating public funds should be made to account for their actions after leaving office on May 29, 2027.

“Engr. Makinde and his cronies shall be made to cough out every kobo of the money belonging to our dear state which they have misappropriated while in office,” the party declared.

The state government’s response to the allegations was not available at the time of filing this report.

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