The Oyo State chapter of the All Progressives Congress (APC) has issued a stern warning to Governor Seyi Makinde and his administration, stating they will be held accountable for any misuse of public funds after leaving office. This follows the state House of Assembly's approval of a ₦100 billion loan request on Wednesday, October 21, 2026.
APC Condemns Fresh Borrowing as Reckless
APC Publicity Secretary Olawale Sadare, speaking in Ibadan, condemned the fresh borrowing as a sign of what he described as "impunity, recklessness and insensitivity" towards the people of Oyo State. The party's criticism came shortly after the assembly approved two separate loan facilities with a combined value of ₦400 billion.
The first facility is a fresh ₦100 billion loan from United Bank for Africa (UBA) Plc, earmarked for infrastructure projects. This loan carries an interest rate of 22 per cent, which is subject to change based on money market conditions. The second facility is a ₦300 billion arrangement to refinance an existing contractors' loan previously obtained from Access Bank at 26 per cent interest. Moving this loan to UBA at 22 per cent reduces the interest rate by four percentage points.
APC Rejects Government's Explanation
According to Vanguard, the APC rejected the government's explanation that the transactions were meant to refinance existing obligations and fund continuing infrastructure work. The party alleged a pattern of inflated contract costs and poor adherence to due process. They also questioned why the administration had repeatedly sought supplementary budget approvals despite already having legislative backing for annual budgets.
The opposition party linked its concerns to the recent resignation of the Director-General of the Due Process Office, suggesting this development could have implications for oversight within the administration. The APC also cautioned against plans to hold local government elections on December 29, 2026, arguing that the exercise could result in more than ₦4.2 billion belonging to the state's 33 local government councils being wasted.
Makinde's Camp Dismisses Criticism
Separately, Governor Makinde's camp responded to criticism from the Senator Sharafadeen Alli Campaign Organisation (SSACO) regarding his reported presidential ambitions. The camp dismissed the remarks as politically driven rather than a genuine critique of governance.
The APC's warning signals a heightened political tension in Oyo State as the 2027 elections approach. The party's threat to probe the governor after leaving office underscores the deepening rift between the opposition and the current administration over fiscal management and accountability.
