There Is No ₦300 Billion Loan – Makinde’s Govt Slams APC Lawmaker

There Is No ₦300 Billion Loan – Makinde’s Govt Slams APC Lawmaker
Officials say ₦149bn is for refinancing, ₦151bn for infrastructure.
APC lawmaker criticised for misleading claims and poor attendance.

The Oyo State Government has dismissed allegations by the All Progressives Congress (APC) that Governor Seyi Makinde is planning to secure a ₦300 billion fresh loan.

The lawmaker representing Saki West State Constituency, Ibrahim Shittu, had raised concerns over the matter, claiming he was neither informed of the August 19 emergency plenary session nor involved in the approval process by the House of Assembly. However, the Oyo State Assembly denied his claims.

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EKO HOT BLOG reports that

In a statement issued by Sulaimon Olanrewaju, Special Adviser on Media to the Governor, the government described the APC allegation as “mischievous” and “reckless,” stressing that no such loan was being taken.

“There is no ₦300 billion ‘loan,’” the statement clarified. “What the House of Assembly approved is: ₦149 billion for refinancing, which means replacing an older, more expensive loan with a new facility on better terms, thereby reducing the state’s repayment burden.

“₦151 billion was approved for infrastructure investment and contractor financing, a structured arrangement that allows the government to fund ongoing and new projects while giving contractors the confidence to deliver on time.”

The government explained that the refinancing plan was not new borrowing but a form of “responsible financial management,” while contractor financing was designed to ensure completion of critical projects without putting pressure on the state’s cash flow.

The statement also criticised Shittu, accusing him of being “notorious for not attending plenaries.” It said in his bid to mislead the public, the lawmaker wrongly claimed there had been a 500 per cent increase in FAAC allocations to Oyo State, when the actual figure was about 75 per cent.

It added, “By contrast, the rise in the national minimum wage from ₦30,000 to ₦80,000 represents about 170 per cent. That the lawmaker cannot distinguish between a 75 per cent increase and 500 per cent only confirms that he neither understands figures nor governance.”

The government further contrasted its performance with that of the APC’s previous administration, which it said left Oyo State as a “civil service state” with an ailing economy, unpaid salaries, abandoned projects, and mounting debts.

According to the statement, Governor Makinde’s administration “took tough but strategic financial decisions that moved Oyo State out of the trenches and placed it on the path of growth.”