Oyo N300 billion loan claim dismissed by Makinde government, clarifying that approved funds are for refinancing and infrastructure projects

Oyo N300 billion loan claim has been dismissed by the Oyo State Government, which described reports suggesting Governor Seyi Makinde’s administration had taken a fresh loan as mischievous and reckless.

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The clarification came in a statement signed by Dr. Sulaimon Olanrewaju, Special Adviser (Media) to the governor, on August 28 and shared Friday via X.

The government explained that the Oyo State House of Assembly only approved two financing arrangements: ₦149 billion for loan refinancing and ₦151 billion for infrastructure investment and contractor financing.

According to the statement, the refinancing plan is not new borrowing but “responsible financial management” that lowers repayment burdens, while contractor financing ensures timely delivery of projects without straining government cash flow.

The government criticised APC lawmaker Ibrahim Shittu, who raised the allegation, accusing him of skipping plenaries and misrepresenting financial figures.

“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 statement read.

Highlighting achievements, the government said Internally Generated Revenue (IGR) has risen from ₦20 billion in 2018 under the APC to over ₦70 billion in 2025, without burdening citizens with new taxes.

It noted that the financing arrangement would fund major projects, including:

* Phase 2 of the 110 km Rashidi Ladoja Circular Road
* Completion of Samuel Ladoke Akintola Airport upgrade
* Construction of feeder roads across all zones

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The statement further contrasted Makinde’s record with the APC’s tenure, which it described as “eight years of misrule” marked by unpaid salaries, abandoned projects, and suffocating debts.