APC raises alarm over Oyo’s rising debt as Makinde secures fresh ₦300bn loan

The Oyo State chapter of the All Progressives Congress (APC) has expressed strong concern over the state’s increasing debt profile, warning that the fresh ₦300 billion loan allegedly secured by Governor Seyi Makinde could endanger the state’s financial stability before the end of his tenure in May 2027.

According to reports, Speaker of the Oyo State House of Assembly, Hon. Debo Ogundoyin, recalled lawmakers from recess on August 16 and August 26, 2025, to consider and approve the loan request.

The APC, however, claimed that the exercise was carried out without the knowledge of its four members in the Assembly, describing the move as secretive and undemocratic.

In a statement issued in Ibadan on Thursday, the party’s Publicity Secretary, Olawale Sadare, accused the governor of reckless financial management, excessive borrowing, and disregard for due process.

He further alleged that the resources being obtained by the government are not translating into meaningful development or improved welfare for citizens.

“Governor Makinde has demonstrated repeatedly that he lacks a long-term economic plan for Oyo State. His obsession with borrowing is a direct threat to the future of our people. Well-meaning individuals must rise now to stop this continuous heist against the state,” Sadare declared.

The opposition noted that the ₦300 billion loan approved on August 19 was the third major borrowing by the Makinde administration in 2025 alone.

The governor had earlier secured a ₦200 billion loan in March and a ₦110 billion French Treasury Concessional loan in July, pushing the year’s total borrowing to ₦610 billion within just eight months.

The APC further highlighted that the government has also received more than ₦180 billion in statutory allocations and internally generated revenue this year, yet the people of the state “cannot see or feel the impact of such huge inflows.”

Drawing a comparison with Imo State, Sadare noted that Governor Hope Uzodimma recently raised the minimum wage for workers to ₦104,000 due to increased federal funding. In contrast, he said, Oyo continues to pile up loans while allegedly selling off public and private properties without accountability.

“The most unfortunate part of this crisis is the role of the Speaker and a few lawmakers who have become willing collaborators in the governor’s borrowing spree. While we urge citizens to remain patient for the remaining 20 months of this administration, we cannot guarantee that the debt burden left behind will not cripple Oyo State beyond 2027,” the APC spokesperson warned.

The development has reignited debate over transparency, accountability, and sustainability of public finance in Oyo State, with many residents questioning what the governor has done with the estimated ₦900 billion obtained since 2019.