Oyo APC Voices Alarm Over Governor Makinde’s Proposed N300 Billion Loan
On Thursday, the All Progressives Congress (APC) in Oyo State raised serious concerns regarding Governor Seyi Makinde’s intention to secure an additional loan of N300 billion. This development comes as the State House of Assembly resumed session on August 26 to deliberate on the apc-sends-warning-shot-to-gov-adeleke-days-after-tinubu-talks/” title=”Tension in Osun as … sends warning shot to Gov Adeleke days after Tinubu talks”>governor’s request for authorization to take on this new debt.
Questions Raised About Fiscal Transparency and Governance
In an official statement released by Olawale Sadare, the APC’s Publicity Secretary in Oyo, the party criticized the loan proposal, highlighting issues related to transparency and adherence to proper procedures in the state’s financial management. The APC cautioned that unchecked borrowing could jeopardize Oyo’s economic stability and negatively impact the welfare of its residents if not prudently handled.
Concerns Over Legislative Exclusion and Repeated Borrowing
The APC further alleged that the decision to approve the loan was made without the participation of four members of the State House of Assembly, raising questions about inclusivity in the legislative process. This proposed loan would mark the third borrowing instance in 2025 alone, following previous loans of N200 billion in March and N110 billion in July, signaling a growing debt burden for the state.
Comparative Insight: Oyo vs. Imo State Financial Management
Drawing a comparison, the APC pointed to Imo State under Governor Hope Uzodimma, where recent fiscal policies have enabled an increase in the minimum wage for workers to N104,000. The party attributes this to more effective financial stewardship, contrasting it with Oyo State’s situation where, despite substantial financial inflows since 2019, tangible improvements in the quality of life for citizens remain elusive.
Implications for Oyo State’s Economic Future
With Nigeria’s states collectively grappling with rising debt levels-recent data from the Debt Management Office indicates that subnational debts have surged by over 15% in the past year alone-the APC’s warnings underscore the urgency for sustainable fiscal policies. The party’s stance reflects broader concerns about the long-term economic health of Oyo State and the need for transparent governance to ensure that borrowed funds translate into meaningful development outcomes.
Source: Latest Nigeria News | Top Stories from Ripples Nigeria
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