By Oyo, Nigeria – The Oyo State Government, on Friday, August 29, denied claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a ₦300 billion “fresh loan”. This was revealed in a statement signed by Dr Sulaimon Olanrewaju, Special Adviser (Media) to the Oyo State Governor.
The statement partly reads, “This mischievous claim, made by an APC lawmaker who is notorious for not attending plenaries and echoed by his party members without confirmation, exposes the party’s habitual recklessness with facts.” The statement explained that, firstly, there is no ₦300 billion “loan” as suggested. What the House of Assembly approved was ₦149 billion for refinancing, which entails replacing an older, more expensive loan with a new facility on better terms to reduce the state’s repayment burden. Additionally, ₦151 billion was allocated for infrastructure investment and contractor financing—this structured arrangement allows the government to fund both ongoing and new projects while providing contractors with the confidence to deliver on time.
It was also emphasised that refinancing does not equate to new borrowing; rather, it represents responsible financial management. Conversely, contractor financing ensures that critical projects are completed without straining government cash flow. The statement also reminded the APC that during its eight years in power, Oyo State became a “civil service state,” facing an impoverished economy characterised by unpaid salaries, abandoned projects, and overwhelming debts.
According to the statement, the Makinde administration has made tough yet strategic financial decisions that have helped pull Oyo State out of these difficulties. Currently, the state’s Internally Generated Revenue (IGR) has grown from around ₦20 billion annually in 2018 under the APC to over ₦70 billion in 2025—all achieved without imposing additional taxes on citizens. The first round of structured financing under Governor Makinde successfully repositioned the state’s economy.
Furthermore, this second financing arrangement aims to expedite growth through legacy projects such as Phase 2 of the 110 km Rashidi Ladoja Circular Road, which will open new economic corridors; completion of the Samuel Ladoke Akintola Airport upgrade to attract international investment; and construction of more feeder roads across all zones within the state.
In addition, it was deemed laughable that a lawmaker claimed there had been a 500 per cent increase in FAAC allocations to Oyo State when basic arithmetic would reveal that the actual increase is closer to 75 per cent. In contrast, the rise in the national minimum wage from ₦30,000 to ₦80,000 reflects an increase of approximately 170 per cent. The release stated further, “That the lawmaker cannot distinguish between a 75 per cent increase and 500 per cent only confirms that he neither understands figures nor governance. It is dangerous when those who cannot do simple maths attempt to misinform the public on matters of finance.”
The statement concluded, “Governor Seyi Makinde remains committed to transparent financial management and investments that will make Oyo State self-sustaining, competitive, and prosperous.”
