300B Loan: Enough of Reckless Governance in Oyo State – Olaoluwa
The Atayese of Fiditi and President, Peter Olaoluwa Foundation, POF, Olaoluwa Peter Abidemi, popularly called OPA, has cautioned the Oyo State Governor, Seyi Makinde to end his reckless governance. Olaoluwa, in a statement on Saturday and made available to journalists in Ibadan, described the recent loan approval by the state lawmakers as most unreasonable. OPA, a 2027 governorship aspirant, condemned Governor Seyi Makinde and the state House of Assembly following revelations by the lawmaker representing Saki West Local Government, Hon. Ibrahim Shittu, about the secret approval of a controversial N300 billion loan during an emergency sitting held amidst the Assembly’s ongoing recess. He described the administration of Governor Makinde as one who will give down in history of the state as most reckless and lack financial foresight who is bent on throwing the coming generations of Oyo State indigenes into eternal slavery through debt. He added that the leadership of the House of Assembly and its legislators have become willing tools in the hand ou unquestionable emperor holding sway in the state. “When one takes a critical look at the rate Oyo state government has made itself a loan collector with over N500 billion in debts between May 2019 and June 2025, one may be forced to ask if the lives of the good people of the state depends on the loan, despite increase in monthly revenue allocation from federal government. “Oyo State is highly geared. Therefore, the State is overtrading, biting more than what one can chew, which is not a good sign of the state of financial health of an Entity. “It’s not bad to borrow money in as much as the returns on what the loan is to be used for is greater than the cost of borrowing that fund, which is loan interest. “Since the government is not a profit making entity, hence accumulating a loan is not good since what the loan will be used for will not generate revenue to guarantee the repayment of the loan plus the interest.” The Chartered Accountant turned politician cautioned that such unreasonable borrowing poses a serious danger to the financial sustainability of Oyo State. Olaoluwa appealed to men and women of good conscience irrespective of religion, status, and political affinity to speak out with courage to condenn and demand accountability from the administration of Governor Makinde henceforth.