Oyo Dismisses Claim Of N300bn Loan Accuses APC Of Falsehood

The Oyo State Government has refuted claims by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a fresh loan of N300 billion.

The allegation was raised by Ibrahim Shittu, the lawmaker representing Saki West Constituency, who said he was not informed of the August 19 emergency plenary where the supposed loan approval was granted. But the Oyo State House of Assembly has since denied his claim.

In a statement issued on August 28 and shared on X, the governor’s media aide, Sulaimon Olanrewaju, described the APC’s allegation as “mischievous” and “reckless,” stressing that no such loan was taken.

According to the statement, the Assembly only approved N149 billion for refinancing and N151 billion for infrastructure investment and contractor financing. The government explained that refinancing was a debt management strategy to replace older, costlier loans with cheaper facilities, while contractor financing would allow projects to continue without straining state finances.

The government also criticised Shittu, accusing him of deliberately misleading the public and lacking basic understanding of figures. It pointed out that contrary to his claim of a 500 per cent rise in Oyo’s FAAC allocation, the real increase was about 75 per cent.

Comparing its record to the APC’s time in office, the government said Makinde’s administration had grown Oyo’s Internally Generated Revenue from about N20 billion in 2018 to over N70 billion in 2025 without introducing new taxes. It added that the funds would be used to complete “legacy projects,” including the second phase of the 110 km Rashidi Ladoja Circular Road, the Samuel Ladoke Akintola Airport upgrade, and feeder road construction across the state.

The statement concluded that Makinde remains committed to transparent financial management and long-term development, insisting that Oyo would not “return to the dark days of APC misrule.”