The Oyo State chapter of the All Progressives Congress (APC) has strongly opposed the approval granted by the State House of Assembly for Governor Seyi Makinde to secure a fresh N200 billion loan, warning that it could severely impact the state’s economy.
The APC urged prominent citizens across the country to intervene and persuade the governor to abandon the loan plan in the interest of Oyo State.
Governor Makinde obtained the approval on Tuesday through Speaker Hon. Debo Ogundoyin and a few lawmakers, who swiftly processed a loan request dated March 13, 2027. The governor stated that the loan is intended to refinance an existing facility from a commercial bank.
In a statement, APC Publicity Secretary Olawale Sadare condemned what he described as a “clandestine move” to secure the massive loan with minimal legislative scrutiny.
“Another devastating news came from the Oyo State House of Assembly today as the Speaker and a few members loyal to him approved the fraudulent loan request from the governor, even without the knowledge of most of their colleagues,” Sadare alleged.
He further criticized Governor Makinde’s financial management, questioning the justification for taking on more debt despite receiving an average of N25 billion monthly from federal allocations and internally generated revenue.
Sadare pointed out the state’s struggles, including unpaid wages for tertiary institution workers, inadequate fire trucks for emergencies, and a lack of modern agricultural equipment for farmers, despite the governor’s substantial financial resources.
He also accused Makinde’s administration of failing to complete key projects, citing an unfinished bus terminal project that has allegedly consumed over N20 billion in six years.
“The approval process for this N200 billion loan has further exposed the Speaker as a willing tool in the governor’s hands. However, when the time for justice comes, no culprits will go scot-free,” Sadare warned.
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