…the loan was facilitated at the instance of Governor Seyi Makinde, the loan was approved on August 19 and perfected on August 26, 2025
A lawmaker representing Saki West constituency in the Oyo State House of Assembly has raised the alarm over what he described as the secret approval of a N300 billion loan for the state government.
According to Hon. Shittu Ibraheem, the loan was facilitated at the instance of Governor Seyi Makinde. In a statement released on Wednesday, he disclosed that the loan was approved on August 19 and perfected on August 26, 2025.
However, Ibraheem distanced himself from the process.”I want it to be in record that I, Hon Shittu Ibraheem, representing Saki West state constituency in Oyo State House of Assembly, am not among other lawmakers who approved a loan of 300 billion naira on 19th August 2025 and perfected on 26th of August 2025 in an emergency sitting during our 6-week recess,” he said.
He further explained that the House had been on break when the loan was approved “The House is currently on a 6-week recess from July 31st to September 16th, 2025. But an emergency plenary session was arranged to approve such a loan without communicating it to all members,” he said.
Ibraheem also questioned the rationale behind the loan, citing the state’s increased revenues.”Loan at this time when all states have more than enough. Oyo State now receives about a 500% increase in FAAC. Why take this loan? Why is the loan an emergency and why was the sitting not communicated to all the honorable members?” he stated.
According to a SaharaReporters review of the Oyo State budget performance document for the second quarter of 2025, the state borrowed N93.4 billion during that period.The review shows that N93.4 billion was borrowed within three months (April to June), representing the second quarter of the year. In contrast, between January and March — the first quarter — no borrowing was recorded by the state.
Between January and June 2025, the state spent N18.6 billion on debt servicing.In June, it was reported that the Oyo State Executive Council approved the sum of N63,479,858,000 for the overhaul of the Government House structures.According to a statement by the state’s Commissioner for Information and Orientation, Dotun Oyelade, in Ibadan, the state capital, the “government house was in an embarrassing state and was an unbefitting facility.” The statement further claimed that for the past six years, the governor and his deputy had been living in their personal houses instead of their official residences at the Government House.
