Oyo Government Dismisses as Misleading, APC’s Claim of ₦300bn Fresh Loan
The Oyo State Government has strongly denied allegations by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration has secured a fresh ₦300 billion loan, describing the claim as false, misleading, and a deliberate attempt to misinform the public.
The opposition APC in Oyo had earlier alleged that the state government secretly obtained the huge facility, warning that such borrowing would worsen the state’s debt profile and place the economy under further strain.
The party insisted that the move was reckless and demanded that residents question the fiscal decisions of the Makinde administration.
In a swift response, Governor Makinde’s Special Adviser on Media, Dr. Sulaimon Olanrewaju, rejected the allegation and explained that the figures being circulated had been deliberately twisted by the opposition.
He clarified that what was approved by the Oyo State House of Assembly were two separate measures amounting to ₦300 billion — ₦149 billion meant for the refinancing of existing debts and ₦151 billion for infrastructure projects and contractor financing.
According to him, refinancing does not amount to new borrowing but is a responsible strategy for restructuring debt obligations under better terms.
He accused the APC of deliberately combining the two approvals to mislead the public, stressing that the administration remained transparent about its financial dealings.
“What the APC has done is to play politics with figures. Refinancing is not fresh borrowing but a responsible financial management decision. Calling the approvals a ₦300 billion loan is mischievous and irresponsible,” Olanrewaju stated.
The matter escalated after reports claimed that the Oyo State House of Assembly reconvened during recess to approve the alleged loan. However, Hon. Ibraheem Shittu, representing Saki West constituency, dissociated himself from the claim, stating that he was not part of any sitting that granted approval for a ₦300 billion loan and insisting that the Assembly was on recess at the time.
Following his statement, the Oyo State House of Assembly criticized the opposition for spreading falsehoods, describing the claim as baseless.
Lawmakers loyal to the ruling party accused the APC of deliberately exploiting the technicalities of refinancing and infrastructure financing to stir anxiety among the public, insisting that due process was followed in all approvals.
The development has deepened political tensions in Oyo State, with the APC maintaining its stance that regardless of how it is presented, the cumulative approvals still amount to ₦300 billion, which it warns could weigh heavily on the state’s finances.
The party urged the governor to embrace fiscal discipline and explore more sustainable revenue generation measures instead of relying on borrowing.
Meanwhile, the state government has maintained that its financial strategies are aimed at ensuring the completion of key infrastructure projects without overburdening the economy.
Officials emphasized that the loans tied to these approvals would be managed transparently and channeled directly into developmental projects with long-term benefits for the people of Oyo State.
The loan controversy has since become a central subject of political debate in the state, with both the ruling and opposition parties trading accusations while residents await further clarity on how the funds will be deployed.
