The Oyo State Government has denied claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a ₦300 billion “fresh loan”.
In a statement signed by Dr Sulaimon Olanrewaju, Media Adviser to the governor, issued on Thursday, the government described the claim as “mischievous” and “false”.
According to the government, the House of Assembly approved ₦149 billion for refinancing existing loans and ₦151 billion for infrastructure investment and contractor financing. Refinancing, the government explained, is not new borrowing but rather replacing an older, more expensive loan with a new facility on better terms, thereby reducing the state’s repayment burden.
“We want to make it clear that there is no ₦300 billion ‘loan.’ What the House of Assembly approved is ₦149 billion for refinancing and ₦151 billion for infrastructure investment and contractor financing,” the government stated.
The government accused the APC of spreading falsehoods and recklessness with facts, pointing out that the party’s lawmaker notorious for absenteeism made the claim without proper verification.
“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,” the government said.
“It’s 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,” the government added.
The government highlighted the progress made by the Makinde administration in improving the state’s finances. 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 introducing new taxes.
“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,” the government stated.
The government emphasized its commitment 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,” the government said.
