Oyo govt clarifies loan approval, accuses APC of twisting facts

By Adejayan Gbenga –

The Oyo State Government has dismissed claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a ₦300 billion “fresh loan,” describing the allegation as false and misleading.

Dr. Sulaimon Olanrewaju, Special Adviser on Media to the governor, said the claim originated from an APC lawmaker known for absenteeism and was repeated by party members without verification, reflecting what he called the party’s recklessness with facts.

He clarified that the House of Assembly approved ₦149 billion for refinancing existing loans and ₦151 billion for infrastructure and contractor financing, not a new ₦300 billion loan. Refinancing, he explained, replaces older, more expensive debt with better terms, while contractor financing ensures completion of ongoing and new projects without straining government resources.

Dr. Olanrewaju emphasized that under the APC’s eight-year administration, Oyo State faced unpaid salaries, abandoned projects, and a struggling economy. Since 2018, he noted, Governor Makinde’s administration has grown the state’s Internally Generated Revenue (IGR) from about ₦20 billion to over ₦70 billion in 2025, without introducing new taxes.

He explained that the new financing arrangement is designed to accelerate critical projects, including Phase 2 of the 110 km Rashidi Ladoja Circular Road, the Samuel Ladoke Akintola Airport upgrade, and the construction of feeder roads across all zones of the state. These initiatives, he said, are aimed at opening new economic corridors and attracting international investment.

The adviser also faulted the APC lawmaker’s claim of a 500% increase in FAAC allocations to Oyo State, stating that the actual increase is about 75%. By comparison, he noted, the national minimum wage rose by about 170%, further exposing what he described as the lawmaker’s inability to interpret basic figures accurately.

Dr. Olanrewaju described it as ironic that a party known for unpaid salaries and abandoned projects would lecture Oyo State on fiscal prudence. He added that the Makinde administration has been commended by international development partners, including the World Bank, for transparent financial management.

He concluded by reiterating Governor Makinde’s commitment to responsible governance, economic growth, and sustainable development. “Oyo State is working, Oyo State is growing, and Oyo State will not return to the dark days of APC misrule,” he said.