Politics
Makinde’s ₦500bn Debt Burden Raises Concerns, Says Olowofela
…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.
The All Progressives Congress (APC) in Oyo State has called on Governor Seyi Makinde to resign immediately, alleging that his recent remarks on state security exposed incompetence and an inability to lead.
Governor Makinde, speaking during his acceptance speech as the Presidential candidate of the Allied Peoples Movement (APM) in Ibadan on Saturday, lamented that he could do little to rescue abducted school children and residents in Oriire Local Government Area due to all security structures being under federal control.
Reacting, APC State Publicity Secretary, Olawale Sadare, described the governor’s comments as “the height of cluelessness, insincerity, and criminal ineptitude,” warning that such disclosures reflect a dangerous trend among parochial leaders.
Sadare said, “Engr. Seyi Makinde could not find any fault in the nation’s Constitution, yet he swore twice to protect lives and properties of Oyo people. He has long enjoyed the powers of his office, controlling resources and people without challenge, but now faces a serious test, exposing incompetence, cluelessness, and ego.”
He added, “Instead of addressing security challenges, Makinde is exploiting the situation to push a mirage he calls a presidential ambition in 2027. His insensitive comments once again reveal hypocrisy. It is time he quit the office of the governor, having admitted he lacks the capacity to secure the state.”
The APC also recalled that previous governors, including Alhaji Lam Adesina, Senator Rashidi Ladoja, Chief Adebayo Alao-Akala, and the late Sen. Abiola Ajimobi, operated under the same constitutional provisions without similar security failures. Sadare particularly praised Ajimobi for establishing a Security Trust Fund to ensure funding and stakeholder involvement in security, in contrast to the current administration.
“Makinde’s presidential ambition is dead on arrival. Our concern is the continued loss, deprivation, and mismanagement the people of Oyo may suffer in the remaining year of his tenure. The state deserves a team player, a sincere and humble governor — qualities Makinde has failed to demonstrate in seven years. He should apologise and step down,” Sadare concluded.
Oyo State Governor, Seyi Makinde, on Saturday emerged as the presidential candidate of the Allied Peoples Movement (APM) for the 2027 general election following the conclusion of the party’s presidential nomination process.
Makinde emerged through consensus and affirmation by party delegates during the exercise, in what party leaders described as a demonstration of unity and confidence in his leadership ahead of the next general elections.
The governor was presented with his Certificate of Return by the National Chairman of the APM, Alhaji Yusuf Dantali, during a ceremony held in Ibadan, the Oyo State capital, amid cheers from party faithful, delegates and supporters drawn from different parts of the country.
Speaking during the presentation, Dantali said Makinde possesses the leadership qualities, administrative experience and vision required to steer the country towards sustainable growth and national development.
He urged party members across the federation to close ranks and intensify grassroots mobilisation to ensure victory for the party in the 2027 presidential election.
The APM national chairman maintained that the party remained committed to presenting Nigerians with what he described as a credible alternative capable of addressing the country’s economic, security and governance challenges.
According to him, the emergence of Makinde as the party’s flag bearer marked the beginning of a new political movement aimed at restoring hope and strengthening democratic governance in the country.
In his acceptance speech, Governor Makinde expressed appreciation to the leadership of the party and delegates for the confidence reposed in him, pledging to work with stakeholders across political, ethnic and religious divides to advance the party’s vision for national transformation.
The governor assured party supporters of his commitment to inclusive leadership, promising to prioritise policies that would improve economic prosperity, strengthen institutions and enhance the welfare of Nigerians if elected.
Five key members of the All Progressives Congress (APC) in Oyo State have been appointed to the party’s campaign committee for the 2026 governorship re-election of Governor Abiodun Oyebanji in Ekiti State.
The Oyo APC leaders on the list include the party’s governorship candidate, Sharafadeen Abiodun Alli, former Senate leader Teslim Folarin, Minister of Youth and Sports Development, Sunday Dare, Zacch Adedeji, and Remi Oseni.
The list, signed by the party’s National Secretary, Sen. Ajibola Basiru, reflects the APC’s strategy of deploying experienced political figures with strong grassroots networks to ensure a successful re-election campaign in Ekiti.
“These appointments recognise their political experience and commitment to advancing the party’s agenda,” the source within the party said.
The APC committee is expected to coordinate campaign activities, voter engagement, and messaging, positioning the party for a strong showing in the 2026 governorship election.
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