Politics
N100bn Bond: NCC boss, Akande cautions Makinde against excessive borrowing
Alarmed at the approval of the issuance of a N100 billion bond by the Oyo State government, Chairman of the Nigerian Communications Commission, NCC, Prof. Adeolu Akande, on Wednessday cautioned Governor Seyi Makinde against excessive borrowing.
Governor Makinde had on Wednesday morning announced the approval of the loan tagged “Oyo Prosperity Bond” which, according to him, will facilitate the execution of priority projects that will further drive economic development in the State.
This is coming after the administration secured close to N50 billion loans in the first 14 months of its emergence.
It will be recalled that the Oyo Assembly had on May 19, 2020, approved a N22.5 billion infrastructure loan from a commercial bank. Before that, on October 10, 2019, the Assembly had approved the sum of N7.6 billion for the upgrading of two farm settlements in Akufo and Eruwa, to Farm Estates.
The APC chieftain, Akande, who hails from Otu, headquarters of Itesiwaju local government area of the State, explained that there is nothing bad about borrowing, but added that what such loans seek to achieve must be of economic benefit to the people of the State.
According to him, “Nobody needs to be told that the Nigerian economy has not been good for years. Many states have been struggling to meet their obligations. So, if any state is to borrow to fund any project, such project must be one that would bring economic development to the State.
“While I am not against infrastructure development in our dear State, proper evaluation needs to be done to determine which projects should be financed through borrowing. It should not be about borrowing to finance just any project. We have got to a stage where projects to be embarked upon by government at all levels must be ones that will lead to increase in internally generated revenue, draw investors to the State, create wealth for the people and ease the financial burden of the State.
“The Ibadan Circular Road project, for example, is a laudable one. It is a project that would open up the State and bring about an increase in IGR if properly harnessed. However, it is economically unhealthy to borrow to finance the project. Late Governor Abiola Ajimobi, I recall, had awarded the project via a public-private partnership (PPP) arrangement before the incumbent government ordered the company to stop work. What I think the government should have done was to engage a company with the capacity to fund it via a Build-Operate-Transfer (BOT) arrangement.
Prof. Akande also advised Governor Makinde against burdening taxpayers in the State with funding the expansion of the Ibadan Airport.
“The airport is a federal responsibility. Rather than burden taxpayers in the State with the cost of expanding the airport, Governor Makinde should work with representatives of Oyo State in the National Assembly to secure federal funding for the expansion of the airport by the Ministry of Aviation. The federal government is presently expanding many airports across the country, and Oyo State should not exclude herself from this benefit. The recourse to state finance for the airport project is an indication of failure in ensuring cordial federal-state relations by the Oyo State Government.
“The government must not impose an extra burden on taxpayers in the State by self-funding projects that can be funded by the federal government or the private sector”, he said.
Urging Governor Seyi Makinde to be creative in the aspect of fund generation and harnessing Oyo State’s economic potentials, Akande lamented the neglect of major infrastructural facilities across the State which, he said, should be useful for economic growth.
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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