The government clarified that the Oyo State House of Assembly only approved a financial arrangement comprising N149 billion for loan refinancing and N151 billion for infrastructure development and contractor financing. It emphasized that refinancing replaces costlier loans with more favorable terms, reducing the state’s repayment burden, while the infrastructure funding enables the completion of key projects without straining government resources.

In response to concerns raised by APC lawmaker Ibrahim Shittu, the government accused him of spreading misinformation and lacking understanding of basic financial matters. It noted that Shittu, known for poor attendance at plenary sessions, falsely claimed a 500% increase in federal allocations to the state, a figure it said is closer to 75%.

The government also criticized the APC’s previous tenure, accusing it of leaving behind a weak economy, abandoned projects, and mounting debts. It claimed that under the Makinde administration, Internally Generated Revenue has risen from N20 billion to over N70 billion annually, without increasing tax burdens on residents.

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According to the government, the financing plan will support major initiatives including Phase 2 of the 110km Rashidi Ladoja Circular Road, the upgrade of the Samuel Ladoke Akintola Airport, and the development of feeder roads across the state.

The statement concluded with a strong defence of Makinde’s fiscal policies, saying Oyo State is on a path of sustainable growth and will not return to what it described as the failures of previous APC rule.

Source: Punch