The Governor ‘Seyi Makinde-led administration in Oyo State has debunked the allegation by the All Progressives Congress (APC) that the state authorities has secured a contemporary N300 billion mortgage.
The state authorities described the allegation by the APC as a manifestation of its lies and an publicity of the social gathering’s ignorance of the financing of the state.
Particular Adviser on Media to the Governor, Dr Sulaimon Olanrewaju described the allegation as a falsehood being peddled by the principle opposition social gathering within the state, including that APC’s criticism was borne out of deliberate mischief and ordinary recklessness.
“The eye of the Oyo State authorities has been drawn to the newest falsehood peddled by the APC within the state, claiming that the Governor ‘Seyi Makinde administration has secured a so-called ₦300 billion “contemporary mortgage.”
“This mischievous declare, made by an APC lawmaker who’s infamous for not attending plenaries and echoed by his social gathering males with out affirmation, exposes the social gathering’s ordinary recklessness with info,” he said.
Olanrewaju additional clarified that there was no ₦300 billion mortgage, including that what the state Home of Meeting authorised had been ₦149 billion for refinancing and ₦151 billion for infrastructure funding and contractor financing.
“First, there isn’t a ₦300 billion “mortgage.” What the Home of Meeting authorised is: ₦149 billion for refinancing —this implies changing an older, dearer mortgage with a brand new facility on higher phrases, thereby lowering the state’s compensation burden.
“₦151 billion for infrastructure funding and contractor financing —a structured association that permits the federal government to fund ongoing and new tasks whereas giving contractors the arrogance to ship on time,” he added.
Governor Makinde’s media aide said, “For the avoidance of doubt, refinancing shouldn’t be new borrowing; it’s merely accountable {financial} administration.
“Contractor financing, however, ensures that important tasks are accomplished with out choking authorities money circulation.”
He reminded Oyo APC that “it was underneath its eight years of misrule that Oyo State was lowered to a “civil service state,” with a grounded econony, unpaid salaries, deserted tasks, and suffocating money owed.
“The Makinde administration took powerful however strategic {financial} selections that moved Oyo State out of the trenches.
“Immediately, the state’s Internally Generated Income (IGR) has grown from about ₦20 billion yearly in 2018 underneath the APC to over ₦70 billion in 2025 with out overburdening residents with new taxes.
“The primary spherical of structured financing underneath Governor Makinde repositioned the state’s economic system.
“This second financing association is designed to speed up progress via legacy tasks similar to Part 2 of the 110 km Rashidi Ladoja Round Highway —opening new {economic} corridors;
“Completion of the Samuel Ladoke Akintola Airport improve, repositioning Oyo State for worldwide funding; and the development of extra feeder roads throughout all zones of the state.
“It is usually laughable that the lawmaker, in his desperation to mislead the general public, claimed that there was a 500 per cent improve in FAAC allocations to Oyo State.
“Primary arithmetic would have proven him that the precise improve is about 75 per cent.
“Against this, the rise within the nationwide minimal wage from ₦30,000 to ₦80,000 represents a rise of about 170 per cent.
“That the lawmaker can not distinguish between a 75 per cent improve and 500 per cent solely confirms that he neither understands figures nor governance.”
Dr Sulaiman pressured that it was harmful when those that can not do easy maths try and misinform the general public on issues of finance.
He described as laughable that the APC, “a celebration identified for deserted tasks and unpaid salaries,” now seeks to lecture the folks of Oyo State on fiscal prudence.
“The identical social gathering that left behind a mountain of money owed and damaged guarantees is making an attempt to undermine a authorities whose prudence has been counseled by worldwide improvement companions, together with the World {Bank}.
He famous that if the lawmaker in query had attended plenary, he would have had the proper info, including that in typical APC vogue, the lawmaker ran to the press with lies.
Makinde’s media aide assured that the Governor remained dedicated to clear {financial} administration and investments that can make the State self-sustaining, aggressive, and affluent.
“No quantity of APC propaganda can erase the reality: Oyo State is working; Oyo State is rising; and Oyo State won’t return to the darkish days of APC misrule,” he assured.
