The Oyo State chapter of the All Progressives Congress (APC) has threatened to hold Governor Seyi Makinde accountable for any public funds allegedly misappropriated by his administration following the State House of Assembly’s approval of a fresh ₦100 billion loan.
In a statement issued in Ibadan on Wednesday, APC Publicity Secretary Olawale Sadare described the borrowing as evidence of the administration’s “impunity, recklessness and insensitivity” to residents’ plight. He warned that Makinde and his associates would be required to account for any misused funds after leaving office.
The Assembly on Wednesday approved the governor’s request for a ₦100 billion loan from United Bank for Africa (UBA) Plc to finance infrastructure projects, alongside a separate ₦300 billion arrangement to refinance an existing contractors’ loan. The combined facilities total ₦400 billion, though the ₦300 billion component is a refinancing exercise rather than fresh borrowing.
Under the proposal, the existing contractors’ facility from Access Bank at 26 per cent interest will be transferred to UBA at 22 per cent. The new ₦100 billion loan will also attract 22 per cent interest, subject to market review.
The APC questioned the need for further borrowing. “A few days ago, Governor Makinde told the whole world that the administration of President Bola Tinubu was indeed paying billions of naira in monthly allocations to states and local government councils in the country, including Oyo and its 33 local government areas, but this did not translate into socio-economic relief for the citizens.
“While tongues continued to wag on what Governor Makinde had been using the stupendous wealth of the state for since 2019, he came up with another loan deal,” the party said.
It dismissed the government’s explanation, alleging: “As usual, Governor Makinde quoted refinancing of existing loans and ongoing infrastructural projects as the reason for the loan request, but every reasonable individual knows that it is all fraud. The current administration in the state has a stinking penchant for contract cost inflation and variation, even as it commands a record of worst compliance to due process.”
The party further accused the government of repeatedly seeking supplementary budgets. “Since 2019, Oyo State treasury has been bleeding in all body parts because it is under the jackboot of wasteful spenders and kleptomaniacs.”
Linking recent resignations of senior officials, including the Director-General of the Due Process Office, to looming accountability, the APC declared: “Engineer Makinde and his cronies shall be made to cough out every kobo of the money belonging to our dear state which they have misappropriated while in office immediately after the expiration of his final term in about seven months.”
It also warned against the proposed December 29, 2026 local government elections, claiming more than ₦4.2 billion belonging to the state’s 33 councils could be wasted.
In a separate development, Makinde’s camp dismissed claims by the Senator Sharafadeen Alli Campaign Organisation (SSACO) that the governor was playing a spoiler’s role in the presidential race.
Special Adviser on Media, Dr Sulaimon Olanrewaju, described the allegation as “as misplaced as it is misguided” and “an assertion without substance, crafted in haste and sustained only by a wonky imagination.”
He said Makinde, the presidential candidate of the Allied People’s Movement (APM), was in the race “to reset Nigeria and help build a country that works for all citizens.” His candidacy, the statement added, is anchored in “a clear national vision and a commitment to responsible leadership.”
Olanrewaju challenged SSACO’s claim that Makinde stood little chance against President Bola Tinubu: “If that were truly the case, why is SSACO obsessively fixated on him? If a candidate supposedly has ‘no chance’, why does SSACO attack him at every turn? Its relentless fixation confirms two things: Governor Makinde’s strength and SSACO’s dread of that strength.”
Lawmakers defending the borrowing cited projects such as the LAUTECH Teaching Hospital in Oyo, the Rashidi Ladoja Circular Road and the Ido-Eruwa Road, arguing that completing them would deliver tangible benefits in healthcare, transport, commerce and employment.
The ₦100 billion facility has a 48-month repayment tenor, a three-month moratorium, and management and advisory fees. Interest during the moratorium will be repaid later.
The controversy comes as Makinde’s second term approaches its end on May 29, 2027.
Leave a Reply