The Oyo State Government has debunked claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration has secured a ₦300 billion fresh loan, describing the allegation as a “mischievous falsehood.” The government clarified that the House of Assembly approved ₦149 billion for refinancing and ₦151 billion for infrastructure investment and contractor financing, which are strategic financial decisions aimed at reducing the state’s repayment burden and accelerating growth.
First, there is no ₦300 billion “loan.” What the House of Assembly approved is:
₦149 billion for refinancing — this means replacing an older, more expensive loan with a new facility on better terms, thereby reducing the state’s repayment burden.
₦151 billion for infrastructure investment and contractor financing — a structured arrangement that allows government to fund ongoing and new projects while giving contractors the confidence to deliver on time.
For the avoidance of doubt, refinancing is not new borrowing; it is simply responsible financial management. Contractor financing, on the other hand, ensures that critical projects are completed without choking government cash flow.
It is important to remind the APC that it was under its eight years of misrule that Oyo State was reduced to a “civil service state,” with a grounded economy, unpaid salaries, abandoned projects, and suffocating debts.
The Makinde administration took tough but strategic financial decisions that moved Oyo State out of the trenches. Today, the state’s Internally Generated Revenue (IGR) has grown from about ₦20 billion annually in 2018 under the APC to over ₦70 billion in 2025 — without overburdening citizens with new taxes.
The first round of structured financing under Governor Makinde repositioned the state’s economy. This second financing arrangement is designed to accelerate growth through legacy projects such as Phase 2 of the 110 km Rashidi Ladoja Circular Road — opening new economic corridors; completion of the Samuel Ladoke Akintola Airport upgrade — repositioning Oyo State for international investment; and the construction of more feeder roads across all zones of the state.
It is also laughable that the lawmaker, in his desperation to mislead the public, claimed that there has been a 500 per cent increase in FAAC allocations to Oyo State. Basic arithmetic would have shown him that the actual increase is about 75 per cent. By contrast, the rise in the national minimum wage from ₦30,000 to ₦80,000 represents an increase of about 170 per cent. 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.
It is laughable that the APC, a party known for abandoned projects and unpaid salaries, now seeks to lecture the people of Oyo State on fiscal prudence. The same party that left behind a mountain of debts and broken promises is trying to undermine a government whose prudence has been commended by international development partners, including the World Bank.
If the lawmaker in question had attended plenary, he would have had the correct information. Instead, in typical APC fashion, he ran to the press with lies.
Governor Seyi Makinde remains committed to transparent financial management and investments that will make Oyo State self-sustaining, competitive, and prosperous. No amount of APC propaganda can erase the truth:
Oyo State is working,
Oyo State is growing,
And Oyo State will not return to the dark days of APC misrule.
