Oyo State’s New ₦100 Billion Loan Faces Criticism from Opposition Party

The Oyo State government has recently received approval for a ₦100 billion loan, which has sparked criticism from the All Progressives Congress (APC). The opposition party claims that Governor Seyi Makinde should be held accountable for any misuse of public funds.

The loan, approved by the State House of Assembly, is intended to finance infrastructure projects. Alongside this, there is a separate ₦300 billion plan to refinance an existing loan. The APC argues that this borrowing shows a lack of responsibility and concern for the residents of Oyo State.

Olawale Sadare, the APC Publicity Secretary, described the loan as a sign of the governor’s “impunity and recklessness.” He warned that Makinde and his team may have to answer for any mismanagement of funds once they leave office.

The APC has also raised concerns about the state’s financial management. They believe that the governor’s administration has not been transparent about how funds have been used since 2019. They allege that the government has inflated contract costs and failed to follow proper procedures.

In response, Makinde’s camp dismissed the APC’s claims as politically motivated. They argue that the governor’s presidential ambitions are based on a vision for better governance, not on undermining other candidates.

Supporters of the governor, including lawmakers, defended the need for the loan, emphasizing that it would help complete important projects that could benefit the community. They highlighted ongoing projects like the LAUTECH Teaching Hospital and various road improvements.

As the controversy unfolds, the governor’s administration is approaching the end of its term, with the next elections scheduled for December 2026. The outcome of this loan and its impact on the state’s finances will likely remain a hot topic in Oyo politics.