Controversy trails Gov Makinde’s N300 billion loan
Mixed reactions have continued to trail the approval of N300 billion (three hundred billion naira) loan for Governor Seyi Makinde by the Oyo State House of Assembly.
a member of the State House of Assembly, Ibraheem Shittu was the first person to publicly announce the approval of the loan.
Shittu, who was elected on the platform of the All Progressives Congress (APC), represents Saki West state constituency.
He cried out that he was not informed when the loan was approved, adding that the House was on recess.
He described the loan as needles.
Shittu said: “I want it to be on record that I, Hon. Shittu Ibraheem, representing Saki West State Constituency in the Oyo State House of Assembly, am not among the lawmakers who approved a loan of 300 billion naira on August 19, 2025, and perfected on August 26, 2025, in an emergency sitting during our 6-week recess.
“The House is currently on a 6-week recess from July 31st to September 16th, 2025.
“However, an emergency plenary session was arranged to approve such a loan without communicating it to all members.
“A loan at this time, when all states have more than enough, raises questions. Oyo State now receives about a 500% increase in FAAC. Why take this loan? Why is the loan considered an emergency, and why was the sitting not communicated to all the honorable members. #HoldYourGovernorsResponsible”.
The lawmaker’s objection to the loan has been attracting different reactions.
While the State House of Assembly and the state government justified the loan, the major opposition political party and some groups in the state have condemned the approval of the loan.
You are ignorant, rarely attend plenaries – Assembly tells APC lawmaker
The House of Assembly in its reaction described the lawmaker who raised the objection as an ignorant person who does not know how the Assembly is run.
The Assembly noted that the lawmaker rarely attended plenaries.
The Assembly made these declarations in a statement signed by the duo of the Majority Leader, Sanjo Adedoyin and Chairman of House Committee on Information, Waheed Akintayo.
The duo, in the statement made available to DAILY POST, described Shittu’s allegations as misleading.
They maintained that the emergency plenary held on Tuesday, August 19, 2025, was officially notified on the Assembly’s general platform.
They said that the N300 billion loan includes N149 billion meant to refinance an existing loan facility with United Bank for Africa (UBA), while only N151 billion constitutes a new request to support infrastructure and contractors’ financing.
“It is not only unfortunate but shameful that a serving member of the Assembly would resort to falsehood for cheap political relevance. Emergency plenaries are not illegal; they are constitutional and practiced in all serious legislatures across Nigeria, including the National Assembly.
“Hon. Shittu is always absent at all critical legislative sittings such as the budget presentation and the State of the State Address by the Governor.
“Hon. Shittu was the only member who failed to participate in the recently concluded extensive oversight visits to executive and local government projects across the state.
“His absence extended to all previous oversight duties and committee assignments, where his contributions are either non-existent or irrelevant.
“It is clear that Hon. Shittu has not only failed his constituents but also betrayed the legislative mandate he was entrusted with. He has no bill, no motion, no contribution on the floor, and now seeks to cover his ineffectiveness with lies.
“Rather than peddle unfounded allegations, Hon. Shittu should redirect his energy towards becoming a functional Legislator. His pattern of absenteeism and non-participation is an embarrassment to the institution and to the people of Saki West”.
Debt burden may collapse Oyo before May 2027 – APC
The All Progressives Congress (APC) in its reaction, noted that the masses are yet to see the positive impact of the previous loans in the state.
APC, which is the major opposition political party in the state, made this declaration via a statement signed by its Publicity Secretary, Wasiu Olawale Sadare.
The statement, made available to DAILY POST in Ibadan, said that the loans can jeopardise the future of the state.
“Now that Gov. Makinde has convinced the whole world that he has no good plan for the good people of the Pacesetter state with regards to their future, it is very important for all well-meaning individuals from within and outside the state to rise up to the occasion and take necessary steps to stop the heist which he has foisted on the people since 2019.
“The fresh N300 billion loan which the Hon. Debo Ogundoyin-led Legislative House rubber-stamped for collection by the governor on August 19, 2025 was the third in the series in 2025 alone because the same governor got a N200 billion loan in March and another N110 billion French Treasury Concessional loan in July making it a total of N610billion in a year that is just eight months old.
“We should not forget that the same governor has got over N180billion in allocations from Abuja and internally generated revenue in 2025 but the masses cannot feel the direct impact of all the huge resources in their life.
“The saddest part is the willing tool of sleaze in the hand of Gov. Makinde which the Speaker of the State House of Assembly and a few of his colleagues have turned themselves into.
“We can advise that the good people of the state should remain calm and endure the remaining 20 months of the Makinde administration but we are not sure of what the direct impact of unnecessary debt burden would be on the life of an average citizen and resident before and after May, 2027”.
Makinde is committed to transparent financial management – Oyo government
Countering the reactions, the Oyo State government declared that governor Makinde is committed to transparent financial management.
This was contained in a statement signed by the Special Adviser on Media to the state Governor, Dr Sulaimon Olanrewaju.
He said that the Makinde administration took tough but strategic financial decisions that moved Oyo State out of the trenches.
Olanrewaju in the statement, said that Makinde has increased the state’s Internally Generated Revenue (IGR) from about N20 billion annually in 2018 under the APC to over N70 billion in 2025 — without overburdening citizens with new taxes.
“First, there is no N300 billion loan. What the House of Assembly approved is: N149 billion for refinancing — this means replacing an older, more expensive loan with a new facility on better terms, thereby reducing the state’s repayment burden. N151 billion for infrastructure investment and contractor financing — a structured arrangement that allows the government to fund ongoing and new projects while giving contractors the confidence to deliver on time.
“For the avoidance of doubt, refinancing is not new borrowing; it is simply responsible financial management. Contractor financing, on the other hand, ensures that critical projects are completed without choking government cash flow.
“It is important to remind the APC that it was under its eight years of misrule that Oyo State was reduced to a “civil service state,” with a grounded economy, unpaid salaries, abandoned projects, and suffocating debts.
“The first round of structured financing under Governor Makinde repositioned the state’s economy. This second financing arrangement is designed to accelerate growth through legacy projects such as Phase 2 of the 110 km Rashidi Ladoja Circular Road — opening new economic corridors; completion of the Samuel Ladoke Akintola Airport upgrade — repositioning Oyo State for international investment; and the construction of more feeder roads across all zones of the state.
“It is laughable that the APC, a party known for abandoned projects and unpaid salaries, now seeks to lecture the people of Oyo State on fiscal prudence. The same party that left behind a mountain of debts and broken promises is trying to undermine a government whose prudence has been commended by international development partners, including the World Bank.
“If the lawmaker in question had attended plenary, he would have had the correct information. Instead, in typical APC fashion, he ran to the press with lies. Governor Seyi Makinde remains committed to transparent financial management and investments that will make Oyo State self-sustaining, competitive, and prosperous. No amount of APC propaganda can erase the truth”.
Your action disrespectful – Group tackles lawmakers
Meanwhile, a group, Concerned Youth Movement (CYM) has castigated the Oyo State House of Assembly over the recently approved loan.
The group described the approval as disrespectful to the people who elected the lawmakers.
CYM’s statement was signed by its Chairman, Pastor Tayo Adigun and the Secretary, Alhaji Olaide Kobomoje.
The duo accused the executive arm of government under the leadership of Governor Seyi Makinde and the state legislature of mortgaging the future of unborn citizens of the state.
They called on well-meaning leaders and the citizens of the state, irrespective of their zone, religion or political party affiliations to rise against injustice against present and future citizens of the state.
“What is the interest of the lawmakers in the loan? Why is it their habit to always approve loans for the government without consulting with their constituents?
“They should watch their actions in government, because a day will come for them to give reports of their activities to the electorate”, the group said.
“We want to appeal to the political and religious leaders in Oyo State to warn the state legislators from turning the future of their children upside down.
“To us as a movement, granting loans when the governments are collecting huge sums of money from Abuja as allocations every month is unheard of.
“The legislators ordinarily should be the watchdogs over the activities of the executive but our legislators from their actions have shown that they are far from doing their jobs,” it added.
Engage Police, DSS to ensure Shittu’s safety – APC chieftain tells party chairman, others
On his part, a chieftain of the APC, Barrister AbdulWaheed Olatunde Lawal called on the party to support the lawmaker.
The APC chieftain urged the party to engage with the Commissioner of Police and the Director of the Department of State Services (DSS) in the state so as to guarantee the physical safety and security of the lawmaker.
Lawal in a statement obtained by DAILY POST, noted that the APC must ensure that the lawmaker was not harassed or unlawfully arrested by any security agency.
“I write to you today not merely as a staunch stakeholder of our great party in Saki West, but with the heavy heart and the professional concern of a legal practitioner.
“The subject of this letter is the safety, political career, and constitutional rights of my nephew, Hon. Ibrahim Shittu, the legislator representing Saki West State Constituency, who is currently facing severe threats for performing his sacred duty.
“To remain silent in the face of such an allegation would have been a gross dereliction of his constitutional duty of oversight. His action is, in fact, a testament to the values the APC claims to embody.
“However, instead of being commended for his courage and integrity, we are receiving disturbing reports of plots to intimidate, threaten, and politically isolate him for refusing to be complicit in what he genuinely believes to be a grave financial anomaly.
“Therefore, I hereby urgently call on the State Leadership of our Party to immediately: Publicly affirm the right of Hon. Shittu, as an APC legislator, to expose matters of alleged financial impropriety without fear of reprisal. The Party must stand firmly with him to demonstrate that we protect those who fight corruption, not those who perpetuate it.
“Actively intervene with the leadership of the Oyo State House of Assembly to ensure that Hon. Shittu is not victimized, suspended, or subjected to any kangaroo disciplinary proceedings for performing his duty.
“The Party’s machinery must be deployed to protect its own. Officially engage with the Commissioner of Police and the Director of the Department of State Services (DSS) in Oyo State to guarantee the physical safety and security of Hon. Ibrahim Shittu. The Party must ensure he is not harassed or unlawfully arrested by any security agency.
“Should the threats persist, the Oyo State Chapter must not hesitate to formally petition the National Working Committee (NWC) of our Party and the office of the President to invoke the full weight of the federal government to protect a citizen and a lawmaker whose life is endangered for standing against corruption.
“Mr. Chairman, the eyes of the public, the media, and all lovers of democracy are on the APC. How we handle this matter will define our party’s true character in Oyo State. Will we stand for accountability, or will we be seen as condoning corruption and punishing courage?
“The political cost of abandoning one of our own for doing the right thing will be immeasurable. We must rally around Hon. Shittu.
“We must show the people of Oyo State that the APC is the true vanguard of good governance and that we will fiercely protect any member who has the courage to stand for what is right”.
