The Oyo State Government has dismissed as false the claim by the All Progressives Congress (APC) that Governor Seyi Makinde has secured a fresh ₦300 billion loan, describing the allegation as reckless, mischievous, and a clear display of ignorance.
In a statement issued on Thursday, Dr. Sulaimon Olanrewaju, Special Adviser on Media to the Governor, said the misinformation was fueled by an APC lawmaker “notorious for absenteeism” and blindly echoed by his party members without proper verification.
Olanrewaju clarified that what the Oyo State House of Assembly approved was not a fresh loan but a structured financing arrangement split into two components:
₦149 billion for refinancing – replacing older, more expensive loans with a new facility on better terms, thereby easing repayment burdens.
₦151 billion for infrastructure investment and contractor financing – a strategy to fund ongoing and new projects while ensuring contractors deliver without straining government cash flow.
“For the avoidance of doubt, refinancing is not new borrowing; it is responsible financial management,” he stressed.
The statement further recalled that under APC’s eight years in power, Oyo State was reduced to a “civil service state” with a grounded economy, unpaid salaries, abandoned projects, and suffocating debts.
By contrast, Olanrewaju noted, Makinde’s administration has made strategic financial decisions that have revived the state. He cited the growth of Internally Generated Revenue (IGR) from about ₦20 billion in 2018 to over ₦70 billion in 2025, without introducing new taxes.
According to the spokesman, the latest financing arrangement is targeted at fast-tracking key projects, including:
Phase 2 of the 110 km Rashidi Ladoja Circular Road, which will open new economic corridors.
The upgrade of Samuel Ladoke Akintola Airport, repositioning Oyo State for international investment.
Construction of feeder roads across the state’s zones to ease transportation and boost commerce.
Olanrewaju also ridiculed the APC lawmaker’s claim of a “500 per cent increase” in Oyo’s FAAC allocation, noting that the actual increase is closer to 75 per cent.
“Basic arithmetic would have shown him the truth. It is dangerous when those who cannot do simple maths attempt to misinform the public on finance,” he stated, adding that even the recent minimum wage adjustment from ₦30,000 to ₦80,000 represents about a 170 per cent rise, not 500 per cent.
The spokesman reminded the APC that it lacks the moral right to lecture Oyo people on financial prudence, given its history of abandoned projects and debt accumulation.
He added that the Makinde government’s fiscal discipline has been acknowledged by reputable international development partners, including the World Bank.
“If the lawmaker had attended plenary, he would have known the facts. Instead, he chose the APC trademark of misinformation,” Olanrewaju said.
Reassuring residents, he stressed that Governor Makinde remains committed to transparency, prudent financial management, and investments that will make Oyo self-sustaining and competitive.
“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 statement concluded.