Oyo State Government Clarifies Loan Allegations, Slams APC's "Falsehood"

Oyo State Government Clarifies Loan Allegations, Slams APC's "Falsehood"






By

Olawale Ogunbusola, Ibadan.




The Oyo State Government has denied allegations of securing a ₦300 billion "fresh loan," clarifying that the approved funding is for refinancing and contractor financing. 

In a statement made available to newsmen on Thursday by the Chief Press Secretary to Oyo State Governor, Dr. Sulaimon Olanrewaju clarified that  ₦149 billion is for refinancing an existing loan on better terms, while ₦151 billion is for infrastructure investment and contractor financing.

The government explained that refinancing is a responsible financial management strategy, while contractor financing will allow for completion of the ongoing critical projects without straining government cash flow. 

Olanrewaju highlighted the achievements of Governor Seyi Makinde over the last six years, since 2019 including a significant increase in Internally Generated Revenue (IGR) from ₦20 billion in 2018 to over ₦70 billion in 2025 including Phase 2 of the 110 km Rashidi Ladoja Circular Road; Completion of the Samuel Ladoke Akintola Airport upgrade, Construction of feeder roads across all zones of the state

Recall, member representing Saki West State Constituency in the Oyo State House of Assembly, Hon. Ibrahim Shittu has distanced self from Wednesday's emergency plenary which saw the approval of Governor Makinde's one-month sabbatical and alleged #300 billion naira loan, saying he was not duly notified, while  he added that the loan was secretly approved, despite a 500% increase claim in Federal Allocation Accounts Commission Funds, FAAC to Oyo State. 

However, Makinde's aide has corrected the figure against misinformation, stating that the actual increase is about 75 percent not 500 percent as claimed by Saki West APC Lawmaker, Hon. Ibrahim Shittu.

Meanwhile, the present administration has accused the APC of spreading falsehoods and attempting to undermine its achievements,  emphasizing its commitment to transparent financial management and investments that will drive growth and prosperity in Oyo State.

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