- Oyo APC condemned the state assembly's approval of a ₦100 billion loan for Governor Seyi Makinde's administration
- The two facilities approved on Wednesday carry a combined value of ₦400 billion, though ₦300 billion is a refinancing arrangement
- Makinde's camp separately dismissed criticism of his presidential ambition as politically motivated
The Oyo State chapter of the All Progressives Congress (APC) has warned that Governor Seyi Makinde and members of his administration will be held to account for any misuse of public funds after they leave office, following the state House of Assembly's approval of a ₦100 billion loan request on Wednesday.
APC Publicity Secretary Olawale Sadare, speaking in Ibadan, called the fresh borrowing a sign of what he described as "impunity, recklessness and insensitivity" towards the people of Oyo State.
Source: Twitter
Oyo 2027: The loan breakdown
The Assembly on Wednesday, October 21, approved two separate facilities. The first is a fresh ₦100 billion loan from United Bank for Africa (UBA) Plc, earmarked for infrastructure projects and carrying an interest rate of 22 per cent, subject to change based on money market conditions. The second is a ₦300 billion arrangement to refinance an existing contractors' loan, which had been obtained from Access Bank at 26 per cent interest; moving it to UBA at 22 per cent reduces the rate by four percentage points. The combined value of both facilities stands at ₦400 billion, though the ₦300 billion component does not represent new borrowing.
Vanguard reported that the APC rejected the government's explanation that the transactions were meant to refinance existing obligations and fund continuing infrastructure work. The party alleged a pattern of inflated contract costs and poor adherence to due process, and questioned why the administration had repeatedly sought supplementary budget approvals despite already having legislative backing for annual budgets.
APC raises broader accountability concerns
Beyond the loan, the opposition party linked its concerns to the recent resignation of the Director-General of the Due Process Office, suggesting the development could have implications for oversight within the administration.
The APC also cautioned against plans to hold local government elections on December 29, 2026, arguing that the exercise could result in more than ₦4.2 billion belonging to the state's 33 local government councils being wasted.
Separately, Governor Makinde's camp responded to criticism from the Senator Sharafadeen Alli Campaign Organisation (SSACO) regarding his reported presidential ambitions, dismissing the remarks as politically driven rather than a genuine critique of governance.
Source: Legit.ng
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