Ibadan, Nigeria — The Oyo State Government has rejected claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a ₦300 billion fresh loan, describing the allegation as “mischievous” and “reckless.”
The rebuttal came on Friday through a statement signed by Dr. Sulaimon Olanrewaju, Special Adviser (Media) to Governor Makinde, following concerns raised by Ibrahim Shittu, the APC lawmaker representing Saki West Constituency. Shittu alleged that the House of Assembly secretly approved the loan at an emergency sitting on August 19.
“There is no ₦300 billion loan,” the statement declared, clarifying that what was approved by the House consisted of ₦149 billion for refinancing and ₦151 billion for infrastructure and contractor financing.
The government explained that the refinancing plan was simply a replacement of an older, costlier facility with a new one on better terms — easing repayment burdens rather than adding new debt. Similarly, the contractor-financing arrangement was designed to accelerate the completion of ongoing and new infrastructure projects without straining government cash flow.
The statement criticised Shittu, accusing him of attempting to mislead the public and of poor attendance at plenary sessions. It added that his claim of a 500 percent increase in FAAC allocations was “mathematically false,” noting instead that the real increase was closer to 75 percent.
Contrasting its record with that of the opposition, the government highlighted the APC’s eight years in office as a period marked by unpaid salaries, abandoned projects, and heavy debts, which reduced Oyo to a “civil service state.” By contrast, Makinde’s administration, it said, has grown Internally Generated Revenue from ₦20 billion annually in 2018 to over ₦70 billion in 2025 — without imposing additional tax burdens.
According to the release, the approved financing will support key legacy projects, including the second phase of the 110 km Rashidi Ladoja Circular Road, the upgrade of Samuel Ladoke Akintola Airport, and the expansion of feeder roads across the state.
“Governor Seyi Makinde remains committed to transparent financial management and transformative investments that will make Oyo State self-sustaining, competitive, and prosperous,” the statement concluded.
“No amount of APC propaganda can erase the truth: Oyo State is working, growing, and will not return to the dark days of misrule.”
By Adeola Olaniya | August 30, 2025
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