The All Progressives Congress (APC) in Oyo State has warned Governor Seyi Makinde against alleged plans to secure a fresh loan of N300 billion, raising concerns about the state’s rising debt profile and its potential impact on residents.
In a statement released on Thursday in Ibadan and signed by the party’s Publicity Secretary, Olawale Sadare, the APC said it had credible information that the State House of Assembly, led by Speaker Debo Ogundoyin, reconvened during recess on August 16 and August 26 to consider the governor’s loan request.
The party described the development as troubling, questioning the level of transparency and due process that went into the decision-making process. It argued that the alleged approval was rushed through without proper consultation, particularly with the four APC lawmakers in the Assembly, who it said were not adequately briefed before the request was considered.
The APC expressed fears that continuous borrowing by the Makinde administration could jeopardize the state’s economy and the welfare of its citizens if not properly managed. Sadare warned that the party might be compelled to mobilize residents for a peaceful protest should what he called “unabated borrowing” continue without clear justification and accountability.
According to the APC, the fresh loan, if confirmed, would be the third in 2025 alone, coming after a N200 billion loan reportedly taken in March and another N110 billion in July. The party questioned why the government continues to accumulate debt at such a pace, when, according to it, the lives of ordinary citizens have not significantly improved.
Sadare pointed to Imo State as an example of better fiscal management, noting that Governor Hope Uzodimma had recently raised workers’ minimum wage to N104,000 despite having fewer resources at his disposal. The APC wondered why Oyo, with what it described as access to substantial financial resources, has not delivered visible improvements in infrastructure, welfare, and services since Makinde assumed office in 2019.
The opposition party also cautioned the leadership of the Oyo State House of Assembly to act responsibly and resist becoming a rubber stamp for the executive. It stressed that excessive borrowing could leave long-term financial burdens on citizens, extending even beyond the end of Makinde’s tenure in May 2027.
While assuring residents that it would continue to raise issues of governance in the interest of the state, the APC called on the people to remain calm and vigilant. It urged the government to prioritize financial prudence, transparency, and policies that directly benefit the public rather than piling up loans that could mortgage the future of Oyo State.
