The government of the State of Oyo has officially refuted the claims of the Congress of all progressives (APC) that the administration of Governor Seyi Makinde has ensured a new loan of ₦ 300 billion, dismissing accusations as “falsehoods” and a sample of “ignorance”.
In a press release dated August 28, and signed by his special advisor in the media, Dr. Sulaimon Olanrewaju, the governor’s office clarified that the financial agreement approved by the State Assembly Chamber is not a new loan.
The press release was directed directly to an APC legislator without name of the constituency of the west state of Saki, whom he accused of being “known for not attending plenary.”
According to news reports, this legislator, Ibrahim Shittu, had alleged that the loan was “approved in secret” during the recess of a house.
However, the House of the Oyo State Assembly had previously counteracted this, stating that it was properly called an emergency plenary and that the Hon. Shittu’s assistance record was “sad.”
“First, there are no ₦ 300 billion” loan “. What approved the assembly chamber is: ₦ 149 billion for refinancing, this means replacing an older and more expensive loan with a new installation in better terms, thus reducing the state reimbursement load.
“₦ 151 billion for the investment in infrastructure and financing of contractors, a structured agreement that allows the Government to finance ongoing and new projects, while providing contractors to trust in time.
“To avoid doubts, refinancing is not a new loan; it is simply responsible financial management. Contractor’s financing, on the other hand, ensures that critical projects are completed without drowning the government’s cash flow.”
The state government also used the press release to attack the Histor of the APC, accusing the party of leaving the State as a “civil service state” with “unpaid wages, abandoned projects and suffocating debts” during their eight years of power.
“It is important to remind the APC that it was under its eight years of Missule that the state of Oyo was reduced to a” civil service state “, with a founded economy, unpaid wages, abandoned projects and suffocating debts, reads in the statement.
He emphasized the financial achievements of his own administration, including an increase in internally generated income (IGR) of ₦ 20 billion in 2018 to more than 70 billion in 2025.
The government of the State of Oyo directly challenged the legislator’s claim of a 500% increase in the State FAAC assignments. He declared that the real increase is closer to 75% and made fun of the legislator for his lack of “basic arithmetic.”
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