The All Progressives Congress (APC) in Oyo State has threatened to investigate Governor Seyi Makinde over the state government’s fresh ₦100 billion loan, accusing his administration of reckless borrowing and questionable management of public funds.
The opposition party also warned that officials involved in the alleged misuse of state resources would be held accountable after Makinde leaves office in May 2027.
It further raised concerns over the planned expenditure of more than ₦4.2 billion from the funds of Oyo State’s 33 local government councils on the proposed December 29, 2026, council elections.
The controversy followed the approval of a loan request submitted by Makinde to the Oyo State House of Assembly.
The Speaker, Debo Ogundoyin, presented the governor’s request for a ₦100 billion facility from a commercial bank during Monday’s plenary, after which lawmakers approved the proposal despite objections from opposition parties.
In a statement issued in Ibadan, the APC, through its Publicity Secretary, Olawale Sadare, criticised the decision and questioned the government’s justification for taking on additional financing when the state receives substantial monthly allocations from the Federal Government.
The party argued that the funds accruing to the state and its local government councils should translate into improved living conditions, better public services and economic relief for residents.
The statement read, “A few days ago, Gov. 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 LGAs), but this did not translate into socio-economic relief for the citizens. While tongues continued to wag over what Gov. Makinde had been using the state’s stupendous wealth for since 2019, he came up with another loan deal.
“As usual, Gov. Makinde quoted the refinancing of existing loans and ongoing infrastructural projects as the reasons for the loan request, but every reasonable individual knows that it is all fraud.”
The APC also accused the administration of inflating contract costs, repeatedly varying project expenses and failing to comply with established procurement procedures.
However, the allegations were presented by the party and have not, in themselves, established any wrongdoing by the governor or other government officials.
The party further questioned the administration’s budget implementation, alleging that supplementary budget requests had become a recurring feature even when the original appropriations had not been fully executed in line with legal requirements.
It said the development raised concerns about financial planning, expenditure control and the level of accountability in the management of public resources.
The APC also pointed to the resignation of the Director-General of the state’s Due Process Office and departures by other senior officials, suggesting that the developments warranted closer scrutiny of the administration’s financial dealings.
The party said it expected the governor and anyone found culpable to account for public funds after the expiration of his tenure.
“The recent resignation of the Director-General of the Due Process Office, as well as the wave of resignations among top officials in the Makinde administration, points to the fact that the chickens are coming home to roost after May 29, 2027. As a matter of fact, Engr. Makinde and his cronies shall be made to cough up every kobo of the money belonging to our dear state that they have misappropriated while in office immediately after the expiration of his final term in about seven months.”
