Oyo Govt Debunks APC’s Loan Claims, Accuses Them of Spreading Lies

By Adewale Owoade

The Oyo State Government has dismissed allegations by the All Progressives Congress (APC) that Governor Seyi Makinde’s administration secured a ₦300 billion “fresh loan.”

In a statement signed by Dr. Sulaimon Olanrewaju, Special Adviser (Media) to the Governor, the government clarified that the claims were false and mischievous.

The government explained that the House of Assembly approved ₦149 billion for refinancing and ₦151 billion for infrastructure investment and contractor financing. Refinancing involves replacing older, more expensive loans with new facilities on better terms, while contractor financing allows the government to fund projects without straining cash flow.

The government criticised the APC lawmaker who made the claims, accusing him of ignorance and absentee lawmaking. The lawmaker’s claim of a 500% increase in FAAC allocations was debunked, with the government attributing the actual increase to about 75%.

The government highlighted its achievements under Governor Makinde, including a significant increase in Internally Generated Revenue (IGR) from ₦20 billion to over ₦70 billion without introducing new taxes.

The government also emphasised its commitment to transparent financial management and investments that will make Oyo State self-sustaining, competitive, and prosperous.