Oyo Govt refutes APC’s claims of ‘₦30bn fresh loan’

The Oyo State Government has dismissed recent claims by the All Progressives Congress (APC) suggesting that Governor Seyi Makinde secured a ₦300 billion “fresh loan,” describing the assertion as misleading and factually incorrect.

According to Dr. Sulaimon Olanrewaju, Special Adviser on Media to the governor, the claim originated from an APC lawmaker known for repeated absenteeism from the House of Assembly and was amplified by party members without verification, reflecting a consistent disregard for accuracy.

Dr. Olanrewaju clarified that the House of Assembly approved ₦149 billion for refinancing existing debt and ₦151 billion for infrastructure and contractor financing, emphasizing that refinancing is not new borrowing but a strategic move to replace older, costly loans with better repayment terms. Contractor financing, he added, ensures that essential projects are completed on schedule without straining state finances.

The adviser highlighted that under APC’s previous eight-year administration, Oyo State was left with unpaid salaries, abandoned projects, and a crippled economy. Since 2018, Governor Makinde’s government has more than tripled the state’s Internally Generated Revenue (IGR), growing it from roughly ₦20 billion to over ₦70 billion annually, all without imposing additional taxes on residents.

The current financing plan, he explained, is intended to accelerate key infrastructure projects, including Phase 2 of the 110 km Rashidi Ladoja Circular Road, the upgrade of Samuel Ladoke Akintola Airport, and the construction of additional feeder roads across all zones, creating new economic corridors and improving access for commerce and investment.

Dr. Olanrewaju also addressed the APC’s claim of a 500% increase in FAAC allocations to Oyo State, pointing out that the actual increase is about 75%. By contrast, the national minimum wage rose from ₦30,000 to ₦80,000—a jump of roughly 170%—highlighting the lawmaker’s misrepresentation of basic financial figures.

He criticized the APC for attempting to lecture the state on fiscal prudence despite leaving behind a legacy of debt and abandoned projects. In contrast, the Makinde administration has been lauded by international development partners, including the World Bank, for responsible financial management and transparency.

Concluding, Dr. Olanrewaju reaffirmed Governor Makinde’s commitment to accountable governance and sustainable growth. “Oyo State is working, Oyo State is growing, and Oyo State will not return to the dark days of APC misrule,” he said, underscoring the administration’s determination to deliver tangible progress to its citizens.